Korea Chairs APEC SME Ministers' Meeting for the First Time in 20 Years in Jeju
Member Countries to Establish a Platform for Startup Information Exchange
First New Initiative Adopted Among This Year’s Ministerial Meetings
Asia-Pacific Economic Cooperation (APEC) member countries have agreed to establish a venue for the exchange of startup information. The plan aims to strengthen cooperation among key players in the innovation ecosystem, such as government agencies, investors, and incubators, and to share each country's policies and market information through an online platform.
The Ministry of SMEs and Startups announced on September 5 that the "Jeju Initiative," which includes these measures, was adopted at the 31st APEC SME Ministers' Meeting held at the Jeju International Convention Center (ICC). Minister Hansung Sook stated, "The goal is to lay the groundwork for practical information sharing and joint growth by strengthening cooperation among the main actors in the innovation ecosystem within the APEC region."
Hansung Sook, Minister of SMEs and Startups (center), is explaining the results of the 31st Asia-Pacific Economic Cooperation (APEC) SME Ministers' Meeting to the press on the 5th at the Jeju International Convention Center (ICC). Ministry of SMEs and Startups
This year's meeting, held under the theme "SMEs: The Engine of Sustainable and Inclusive Growth," marked the first time in 20 years since 2005 (Daegu) that South Korea has chaired the event. The meeting addressed major issues faced by SMEs, including artificial intelligence (AI) and digital transformation, responses to demographic changes, cooperation between large and small businesses, and integration into global value chains, and sought solutions to these challenges.
The Jeju Initiative includes the launch of the "APEC Startup Alliance," which will connect the startup ecosystems of APEC member countries. An annual forum will be held to provide a venue for information exchange among various key stakeholders. An online information-sharing platform will also be established to encompass information related to the startup ecosystem, including investors and incubators.
The proposal for the Jeju Initiative arose from the observation that the demand to support innovative companies is similarly present in all member countries. Minister Han explained, "There was much discussion about how startups in other member countries are considering global expansion from the outset. To achieve this, not only investors but also government officials and market research are necessary, so there was a call to create a system that meets these needs."
Participants attending the 30th Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprises Ministerial Meeting held in Jeju on the 5th are taking a commemorative photo. Ministry of SMEs and Startups
She added, "In particular, there was a consensus that, given the large size of the economies and the number of small business owners in each member country, a certain level of information needs to be made public. The idea is not to disclose each startup's technology, but to understand what startup characteristics are present in specific countries and what government policy support exists in other countries, which is why we proposed the information-sharing platform."
This initiative is the first new initiative to be adopted among the various APEC ministerial meetings held this year. The Ministry of SMEs and Startups evaluated it as "a meaningful achievement that demonstrates Korea's leadership in the startup sector."
The joint declaration, adopted after intense discussions, reflects the member countries' shared commitment to ▲promoting SME innovation, ▲supporting sustainable growth through smart policies, and ▲expanding the foundation for growth by strengthening connectivity. Even amid an uncertain global economic environment, the declaration reaffirmed that SMEs are a key driver of growth and prosperity, and specified practical directions for cooperation at the APEC level.
Minister Han said, "During the meeting, all countries agreed on the importance of cooperation among member countries to address the challenges faced by small business owners and SMEs, such as production innovation through digital and AI technologies, and connecting startups with investors. There was more consensus on the need for cooperation than on any other issue, so the process of negotiating the joint declaration went smoothly."
She also noted that, while leading the ministerial meeting, she felt a high level of global interest in Korean SMEs. Minister Han said, "Everyone was well aware that Korea has grown over the past 30 years, particularly in the field of information technology. They showed great interest as they toured the exhibition booths of small manufacturing companies, asking questions and requesting additional information."
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