View of Busan port, South Korea.
The summit will bring together leaders of 21 member economies and focus on discussing strategies for inclusive and sustainable growth, as well as innovative measures. Since announcing its participation in the race to host the event in 2023, Busan has been mentioned as a strong candidate thanks to its achievement in hosting the APEC Summit in 2005. In recent times, the city has been actively preparing for the APEC Summit 2025.
The decision comes after Busan failed to win the right to host the 2030 World Expo last year. After withdrawing, Busan will focus on becoming a global hub. The city is pushing for regulatory reform and tax support bills to become one of the two pillars of national development alongside the Seoul Capital Area (including Seoul, Incheon and Gyeonggi Province).
Meanwhile, with Busan withdrawing, it will become a three-way race between Jeju Island, Gyeongju City of North Gysangsang Province and Incheon City.
The Ministry of Foreign Affairs of South Korea will accept applications from cities wishing to host the APEC event until April 19. After examining candidate cities in May, the Ministry of Foreign Affairs of South Korea plans to announce the host city in June.
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