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"APEC SME Ministerial Meeting" generated an economic impact of KRW 32.3 billion in production inducement
On September 9th, Jeju-do announced that the events linked to the APEC Small and Medium Enterprises (SME) Ministerial Meeting, which took place in Jeju on August 30-September 7, generated an economic impact of KRW 32.3 billion in production inducement effects.
According to an analysis by the Jeju Research Institute titled 'Impact of APEC International Meetings on the Local Economy,' the event also generated KRW 15.6 billion in value-added effects and created 332 jobs.
A total of approximately 39,000 people visited Jeju for the SME Ministerial Meeting and related events, including the Food Expo and the National Small Business Walking Event.
Earlier in May, three ministerial meetings and the second high-level officials meeting held in Jeju recorded KRW 47.2 billion in production inducement effects, KRW 25.8 billion in value-added effects, and 695 job inducement effects.
Combined, the total production inducement effects from all APEC-related events held in Jeju this year amounted to KRW 79.5 billion, with KRW 41.4 billion in value-added effects and 1,027 job inducement effects.
The province invested KRW 3.78 billion in APEC international meetings and local events, which resulted in a production inducement effect 21 times the investment amount.
Additionally, Jeju shared its policies and vision on AI and digital transformation issues faced by SMEs with the international community, and the 'Jeju Initiative' was adopted during this SME Ministerial Meeting, further enhancing Jeju’s international standing.
atoz@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.09.12
Views
85
According to Yonhap News,
On September 9th, Jeju-do announced that the events linked to the APEC Small and Medium Enterprises (SME) Ministerial Meeting, which took place in Jeju on August 30-September 7, generated an economic impact of KRW 32.3 billion in production inducement effects.
According to an analysis by the Jeju Research Institute titled 'Impact of APEC International Meetings on the Local Economy,' the event also generated KRW 15.6 billion in value-added effects and created 332 jobs.
A total of approximately 39,000 people visited Jeju for the SME Ministerial Meeting and related events, including the Food Expo and the National Small Business Walking Event.
Earlier in May, three ministerial meetings and the second high-level officials meeting held in Jeju recorded KRW 47.2 billion in production inducement effects, KRW 25.8 billion in value-added effects, and 695 job inducement effects.
Combined, the total production inducement effects from all APEC-related events held in Jeju this year amounted to KRW 79.5 billion, with KRW 41.4 billion in value-added effects and 1,027 job inducement effects.
The province invested KRW 3.78 billion in APEC international meetings and local events, which resulted in a production inducement effect 21 times the investment amount.
Additionally, Jeju shared its policies and vision on AI and digital transformation issues faced by SMEs with the international community, and the 'Jeju Initiative' was adopted during this SME Ministerial Meeting, further enhancing Jeju’s international standing.
atoz@yna.co.kr
Source Text
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Source: Yonhap News (September 9, 2025)
** This article was translated from Korean.