2005 APEC Busan Summit to Boost Korea's Profile
- Showing off KoreaOs economic potential, cooperation in trade


Public attention on the Asia-Pacific Economic Cooperation(APEC) has been rising with President Roh Moo-hyun scheduled to attend the APEC summit in Santiago, Chile, this year and the 2005 APEC summit scheduled to be held in Busan, Korea, next year.
The APEC summit in Busan is likely to draw about 6,000 participants from 21 member countries including heads of state, business leaders and journalists. It would also facilitate a peaceful resolution of North Korea's nuclear program and the expansion of trade among member countries in the region.
Korea has been playing a key role in the economic cooperation forum as one of the initiators of the international body and a go-between among advanced member countries and developing countries. The APEC summit in Busan is expected to upgrade Korea's image as an important member of the international regional economic alliance when it opens next year. The international gathering in Busan is likely to create 600 billion won worth of economic effect with the internationalization of Korean brand products to gather steam at the meeting, whose value is incalculable.
About 72 percent of Korea's exports are headed to APEC member countries as the establishment of APEC summit is designed to expand the liberalization of trade and investment and economic cooperation in Asia and Pacific region, in addition to strengthen security and cooperation on anti-terrorist measures.
About 63.7 percent of foreign investment in Korea came from APEC member countries. Furthermore, it is a base for Korea to secure stable markets and a partner for continued investment and trade in this age of rising regionalism and regional economic cooperation.
The government will take it as an opportunity to explain its reform policies as an open trading country and settle peace on the Korean Peninsula through a peaceful resolution of North Korean nuclear issues by means of the six-party talks. It will also be a forum for the participatory government of Korea to make its non-nuclear proliferation policy firmly known in the international community and its support for the international society's move to expand the non-nuclear proliferation effort. It will also take advantage of the global event to let the world know about its intention for anti-terror cooperation and support for efforts to uproot terrorism in the world.
Particularly, the government will use the event to secure the support for its policies for a peaceful resolution of North Korea's nuclear program and settle peace on the Korean Peninsula and deepen its economic relations with member countries.
Korea initiated the creation of APEC Ministers Meeting in 1989 when APEC was formed, along with Australia and 10 other countries. It hosted the 3rd APEC Ministers Meeting in Seoul in 1991, which adopted the "Seoul Declaration," the charter of APEC. It also led the effort to admit China, Taiwan and Hong Kong as members of the regional economic alliance.
Korea is being looked up highly around the world as one of the countries that achieved a rapid economic progress and the establishment of democracy. It is respected in countries in Southeast Asia, going beyond being merely the object of attention and observation. Korea has extended support to developing countries in the spirit of going along together in the areas of education, training and IT business, playing a leading role in the economic and technological cooperation as a go-between advanced and developing countries.
At the APEC summit in Busan next year, President Roh point out the direction of APEC centered around continuity and effectiveness as a leading member country of the regional economic forum.
APEC is the only regional economic alliance in which Korea is a member and Korea plans to foster the liberalization of trade, investment, advancement of systems and the exploration of new markets. Especially, in terms of the growing instability of multinational trading system, the emergence of regionalism such as free trade agreements, Korea plans to secure a stable market in the Asia-Pacific region the APEC as a base. It also plans to build a peaceful Korean Peninsula through cooperation with the United States, China, Russia and Japan, the four powers surrounding Korea.
The government will focus its attention on showing off Korea's intention for the establishment of a free and fair market discipline through APEC and peace and prosperity in Northeast Asia.
The government will also do its utmost for continued progress of APEC without losing its growth momentum for a flourishing APEC as a member of the original initiator countries and one of the countries that did its best for the development of APEC.
The Asia-Pacific region has 36.6 percent of the world's population, 51.7 percent of GNP, and 48.7 percent of the world's trade volume. But all of the member countries have their own history, culture and steps of economic development quite different from one another.
Other countries were suspicious of the feasibility for APEC at first. But APEC had its summit meetings for 12 years in a row, showing that its future is bright. APEC has been turning into a spot of cooperation and harmony as its meeting is repeated taking on economic issues and it is sure to be reestablished as future-oriented cooperative system overcoming uncertainties.
APEC from the beginning took cooperation on technology and economy seriously and its purpose was to achieve continued balanced development among member countries by improving economic and social welfare among member countries in the region.
Cooperation within the APEC has been among equal member countries as partners, not advanced countries providing aids, which was displayed at the 1995 APEC Osaka summit(OAA).
Every year the host country selects a main theme for the annual APEC summit and this year's summit will have a theme of "One Common Body, One Future." The theme stresses APEC's ultimate goal of achieving a common body among its member countries.
Korea, too, would pick a theme that shows it would cope with any challenges and changes toward achieving APEC's ultimate goal that it is a common body in reflection of member countries' intentions when it hosts the 2005 APEC summit.
As long as 10 years ago, the public didn't have much interest in international meetings. The central government decided where these meetings are to be held in the country and the public did not care in most cases. But things have changed now as seen in the selection of Busan as the host city for the APEC summit next year; now public understands the economic benefit of holding an international conference in their cities.
The APEC summit preparation planning team in cooperation with the Busan Metropolitan City has been taking care of all matters connected with the event such as conference halls, lodging facilities, and transportation expecting from 5,000 to 6,000 would flock to the port city for the global event next year.
BEXCO would be the site for the first summit meeting and a official dinner and cultural performance, which is being renovated for the occasion. The second summit, which should take place at a villa customarily, will be held on Dongbaek islet off Busan harbor and a conference facility is being built there.
The logo for the summit has been released on Oct. 28 and ideas for cultural events are being accepted from the public. Videos and other films prepared for the global event have been keyed on stressing that Korea is a dynamic country, doing away with the image of a country with morning calm used in the past, a modern country with growing IT industry mixed with past tradition.
This would be a great opportunity to boost Korea's international profile as from 5,000 to 6,000 heads of governments, business executives, and journalists would flock to Busan for the meeting.
With various meetings to take place in such local cities as Jeju, Gyeongju, and Daegu, the event would also be a good opportunity for the participatory government in Korea to push forward its strategies for balanced regional development and split of power between the central and provincial governments.
The APEC summit would also set off a tourism boom in Korea and create jobs in the sector with increased earnings in foreign exchange from tourism. It would also make Korea easy to attract international meetings in the country with the experience it gained in holding a large international meeting such as the APEC summit. It would also help Korea to show off its economic potential to the world, boosting its credit standing.
The Busan Development Institute estimated that economic effect from the global gathering would amount to around 600 billion won across a wide range of the local economy including production, value-added, income and job.
The first and foremost, it is an opportunity for Korean to boost its brand images with the country's GDP generated from foreign trade, requiring the country to build marketing bases overseas.
The APEC summit will not be a just one of those international meetings; it is a gathering of neighbors with inseparable relations with Korea, enabling Korea to move forward on the road to new challenges. nw