SMEs Ministry to Host 'APEC SME Working Group Meeting' with 21 Member Economies from May 20 to 22

Hosting the Inaugural Startup Alliance Forum
Discussing the Basic Plan for the Upcoming APEC SME Ministerial Meeting

The Ministry of SMEs and Startups announced on the 19th that it will host the "61st APEC SME Working Group Meeting" from May 20 to 22, with delegations from 21 Asia-Pacific Economic Cooperation (APEC) member economies in attendance.

President Lee Jae-myung is presiding over the first session of the 2025 Asia-Pacific Economic Cooperation (APEC) Summit held at the Gyeongju Hwabaek Convention Center (HICO) on October 31 last year. Photo by Yonhap News

The working group meetings, held every six months, address the agenda of the APEC SME Ministerial Meeting as well as global issues. In the first half of the year, the host is determined by the alphabetical order of member economies, while in the second half, the country hosting the Ministerial Meeting takes charge.

With Korea having hosted last year's Ministerial Meeting, two consecutive working group meetings are being held in Korea—from the second half of last year to the first half of this year. This working group serves as a policy consultation body for APEC member economies, aimed at specifying the outcomes of the 31st Ministerial Meeting held in Jeju last year and discussing key agenda items for the upcoming Ministerial Meeting in China in the second half of this year.

On the first day, May 20, the "APEC Startup Alliance" forum (an open discussion) and its launch ceremony will take place as side events. The forum, adopted at last year's Ministerial Meeting, is a public-private cooperation platform to promote exchange and collaboration among startups within the APEC region. This marks the starting point for cooperation in the startup sector, initiated by Korea.

On the 21st, the delegation will participate in a field trip to "Pangyo Startup Zone," the largest startup support cluster in Korea, followed by two days of intensive agenda discussions for the working group meeting through the 22nd. Delegates from each country are set to focus on: ▲ strengthening AI capabilities for SMEs; ▲ discussing SME scaling up and innovative growth; and ▲ expanding the connectivity of the startup ecosystem.

The APEC delegations will have the opportunity to directly observe Korea's startup support infrastructure and meet with promising startups to learn about their success stories. They will also experience Korean culture through K-beauty, including hands-on participation with Korean cosmetics and makeup technologies.

The outcomes of this working group meeting will be incorporated, following coordination with the APEC Secretariat, into the draft joint statement and the basic plan for the Ministerial Meeting to be held in China in the second half of this year.

No Yongseok, First Vice Minister of the Ministry of SMEs and Startups, stated, "This is a more critical time than ever for swift and close cooperation among APEC member economies," adding, "The Ministry of SMEs and Startups will make every effort to help SMEs and startups in the Asia-Pacific region build a collaborative ecosystem and lay the foundation for shared prosperity."

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