By Diplomacy Journal Kayla Lee

Minister of Foreign Affairs Cho Tae-yul met with three newly appointed members of the APEC Business Advisory Council (ABAC) -- Vice Chairman Cho Hyun-sang of HS Hyosung, Vice Chairman Lee Kyu-ho of Kolon, and CEO Lee Ju-wan of Megazone Cloud -- on August 26. 

During the meeting, they exchanged views on the significance of Korea’s role as the chair of 2025 APEC as well as the activities of entrepreneurs within APEC. The Minister requested their full support to ensure the successful hosting of 2025 APEC.

Minister Cho emphasized that Korea’s role as chair of APEC next year would be a valuable opportunity to lead discussions in various areas, including strengthening supply chain resilience in the Asia-Pacific region, leading in the areas of digitalization and innovation, and supporting inclusive growth for women and SMEs, and thereby creating a favorable economic environment.

The Minister also highlighted the role and status of ABAC in APEC, which values public-private cooperation. In light of ABAC’s 30th anniversary in 2025, the Minister encouraged them to actively engage in their roles, using this opportunity to help Korean businesses build strong networks with APEC leaders and its entrepreneurs and achieve tangible business results.

The new ABAC members shared plans to host business-related events next year, such as the “ABAC Dialogue with Leaders” and the “APEC CEO Summit” led by Korean ABAC members. They promised to faithfully fulfill their role as a channel for conveying the concerns and ideas of the private sector and closely communicating with the government. They also committed to exerting all their efforts to ensure the successful hosting of next year’s APEC.

ABAC was established in 1995 as an advisory body to reflect the views of the private sector in APEC discussions. It holds four ABAC meetings annually and, during the APEC Economic Leaders’ Week, submits recommendations to the leaders, organizes dialogues between APEC economic leaders and ABAC members, and hosts side events such as the APEC CEO Summit.

As the 2025 APEC host economy, Korea will organize over 200 meetings, starting with the Informal Senior Officials’ Meeting (ISOM) in December 2024 and culminating in the APEC Economic Leaders' Meeting. The Korean government will lead discussions among the 21 member economies on economic growth and prosperity in the Asia-Pacific region.