Incheon partners with Shinhan Bank to win hosting rights for 2025 APEC Summit
Incheon Metropolitan City signed a memorandum of understanding (MOU) with Shinhan Bank on Monday for a partnership to win the right to host the 2025 Asia-Pacific Economic Cooperation (APEC) summit in the western port city.
The MOU, signed between Incheon Mayor Yoo Jeong-bok and Shinhan Bank CEO Jung Sang-hyuk, will pave the way for information exchanges and joint efforts to seek support from residents to bring the world’s largest economic forum to the city next year.
“The city government will make an all-out effort to host the 2025 APEC summit in Incheon until the final selection of the host city,” Yoo said. The summit is scheduled to take place in November 2025.
He also called for united support from residents to host the event in the international business city.
Incheon is an investment hub with Korea’s largest free economic zone. It is recognized as a center for biotechnology and semiconductor post-processing. It is home to Incheon International Airport, international organizations and foreign universities.
The port city previously hosted various international events, such as the 2014 Asian Games, the 2018 OECD World Forum and the 2023 Annual Meeting of the Asian Development Bank.
Aside from Incheon, other cities in Korea, including Busan, Jeju and Gyeongju, announced their bids to host the APEC summit last year. Busan hosted the APEC summit in 2005. The Ministry of Foreign Affairs will decide on the host city in the first half of this year.
APEC is an annual forum of 21 Asia-Pacific economies. APEC’s member economies make up over 60 percent of global GDP and 50 percent of the world’s trade. It is expected to attract heads of state from 21 countries in the Asia-Pacific region, including the United States, China and Japan.