South Korea is projected to reap over 7 trillion won ($5 billion) in economic gains from hosting this year’s Asia-Pacific Economic Cooperation summit, according to industry estimates.
A report from the Korea Chamber of Commerce and Industry estimates that the summit, currently underway in Gyeongju, North Gyeongsang Province, is expected to generate a total nationwide economic impact of 7.4 trillion won, along with nearly 24,000 new jobs.
Of that total, 3.3 trillion won is attributed to short-term domestic consumption, mostly in the service sector, including hospitality, retail and transportation. The remaining 4.1 trillion won reflects medium- to long-term benefits from infrastructure investment and wider industrial ripple effects.
Local hospitality and transportation revenue is expected to more than triple during the summit, with delegate spending projected to surpass 1 million won per person per day on lodging, dining and cultural experiences.
KCCI projects the event will help fuel a virtuous cycle of growth, especially in the Meetings, Incentives, Conferences and Exhibitions, or MICE, industries, supporting regional economic development well beyond the summit itself.
“As business leaders from across member economies gather and engage, new opportunities for investment and industrial cooperation are likely to emerge,” said an official from the APEC 2025 Preparatory Office.
The chamber also noted that the event presents a valuable opportunity for Korea to strengthen its economic leadership in the Asia-Pacific region, whose economies are central to the country’s trade and investment landscape.
The summit’s role as a key platform for trade dialogue among Korea’s major trading partners, including the United States and China, has already drawn heightened media attention to Gyeongju, enhancing the brand image of both the city and the nation.
On the regional level, the Gyeongbuk Development Institute forecasts that the summit will generate 972 billion won in production output, 465.4 billion won in added value and create 7,908 jobs within North Gyeongsang Province.
When Korea last hosted the APEC Summit in Busan two decades ago, the event produced over 258 billion won in economic gains and created 2,518 jobs.
minmin@heraldcorp.com
