[CEO Summit Guide] ④ Economic Impact Reaches 7.4 Trillion Won... "A Testbed for Industrial Diplomacy"

Accommodation and Tourism Revenue to Triple, 22,000 New Jobs Expected
Global Cooperation Channels Activated for Samsung, SK, POSCO, and Others
"Industrial Diplomacy" Stage Centered on AI, Semiconductors, and Energy Sessions

During this Asia-Pacific Economic Cooperation (APEC) Summit, the economic impact is projected to reach approximately 7 trillion won. The ripple effects are expected to extend beyond local tourism and accommodation spending, leading to increased foreign investment and expanded industrial exchanges.

According to an analysis released on the 24th by the Korea Chamber of Commerce and Industry and global consulting firm Deloitte, the total economic impact is estimated at 7.4 trillion won, with job creation effects reaching 22,000 positions. This figure combines the effects of event preparation and operations, accommodation, transportation, tourism spending, and subsequent investments. The Gyeongju APEC Summit is seen as a testing ground for "industrial diplomacy," providing Korean companies with a platform to expand global supply chain cooperation and investment opportunities. The most notable aspect is the direct expenditure effect. Including the construction of the event venue, expansion of accommodation facilities, transportation, security, and operational costs, direct spending is expected to reach around 3 trillion won. In particular, five-star hotels and resorts in the Bomun Complex area of Gyeongju are already fully booked, and reservations at nearby Pohang and Ulsan accommodations have also sold out early. During the four-day event, revenue for the local accommodation and transportation industries is expected to be more than three times higher than in an average year.

Media art commemorating the 2025 Asia-Pacific Economic Cooperation (APEC) Summit is being held at Cheomseongdae in Inwang-dong, Gyeongju, Gyeongsangbuk-do. Photo by Yonhap News

In addition, visitor spending and tourism-related effects are significant. It is estimated that leaders and business delegations from member countries will spend over 1 million won per person per day during their stay. When including food and beverage, as well as cultural and tourism consumption, the indirect consumption effect is calculated to be between 500 billion and 600 billion won. The case of last year's APEC Summit in Bali, Indonesia, where local accommodation, transportation, and food service sales neared 1 trillion won, is cited as a precedent.

The investment and promotional effects that follow the event should not be overlooked. During this APEC Summit, the Korea Chamber of Commerce and Industry will host more than 20 business sessions, including overseas investment presentations (IR) and startup pitching events. At these sessions, Samsung, SK, POSCO, Hanwha, and HD Hyundai are expected to announce cooperation plans in the fields of artificial intelligence (AI), energy, and semiconductors. Industry experts predict that the ripple effects leading to investment or export contracts after the summit alone will bring about a tangible economic impact of around 600 billion won. The Korea Institute for Industrial Economics and Trade also analyzed that if just 0.5% of foreign investment inflows are actually realized, the country's gross domestic product (GDP) would rise by about 0.02%.

Foreign investment and exports are also expected to increase. The memoranda of understanding (MOUs) and joint projects promoted during this event could lead to overseas corporate investments or technology exports by Korean companies. According to the Ministry of Trade, Industry and Energy, the number of MOUs signed between participating countries increased by an average of 35% after last year's APEC Summit. An industry official commented, "If a private sector-led cooperation model spreads again this time, the scope of overseas market entry for Korean companies will expand significantly."

The regional economic ripple effects through employment and tourism are also noteworthy. In Gyeongju, the host city, and throughout the Yeongnam region, the event is expected to create approximately 22,000 jobs related to interpretation, security, and operations. If the influx and stay of foreign tourists increase after the event, continuous job creation is also expected in accommodation, food and beverage, and cultural service industries.

The economic impact is not limited to numbers. Hosting the APEC Summit simultaneously enhances the regional brand and national image. Gyeongju is already pursuing a transformation into an "international convention city" starting this year. As a result of this event, the host region is expected to retain large-scale international conference infrastructure and a talent development system. Gyeongsangbuk-do Province plans to establish a permanent support organization to attract global forums and corporate events even after APEC, while the Korea Chamber of Commerce and Industry also intends to institutionalize an industry diplomacy platform centered on the private sector by utilizing the global network established during the APEC period.

A multimedia show commemorating the Asia-Pacific Economic Cooperation (APEC) Summit is being held at the Bomun Lake water performance venue in Gyeongju, Gyeongsangbuk-do. Photo by Yonhap News

The greatest impact lies in strengthening global networks by industry. Through the AI, semiconductor, and energy sessions, official channels for dialogue between global technology companies such as Nvidia, Amazon Web Services (AWS), Microsoft (MS), and Google, and major Korean conglomerates will be established in earnest. As discussions on semiconductor supply chain cooperation, energy transition investment, and AI data center integration continue, opportunities for mid- to long-term business expansion are anticipated. In particular, the APEC CEO Summit is highlighted as a stage where companies and industries play a leading role. Korea Chamber of Commerce and Industry Chairman Chey Tae-won will serve as the domestic host, with sessions focused on direct exchanges among CEOs from various countries. Within a structure where business lines in key industries such as AI, semiconductors, and energy are interconnected, Korea is expected to establish itself as a central hub for technology and supply chains.

APEC is the world's largest regional economic cooperation body, established in 1989. Its 21 member countries include Korea, the United States, Japan, China, Australia, Canada, and Indonesia, representing a combined population of 3 billion people, or 40% of the global population. Together, their GDP accounts for 62% of the world economy, and their trade volume makes up about half of the global total. Since being elevated to a summit-level forum at the 1993 Seattle Summit in the United States, APEC has held more than 200 official events annually, including the Leaders' Summit, CEO Summit, ministerial meetings, and working-level forums. Typically, when hosted by a member country, more than 6,000 participants-including heads of state, ministers, and CEOs of global companies-attend, with direct expenditures on transportation, accommodation, and event operations reaching several hundred billion won.

This content was produced with the assistance of AI translation services.