Incheon mayor wants to bring APEC summit, F1 Grand Prix to his city

Incheon Mayor Yoo Jeong-bok aims to elevate his city’s global status by hosting next year's Asia-Pacific Economic Community (APEC) summit.

Yoo Jeong-bok, mayor of Incheon, speaks in an interview with the Korea JoongAng Daily on May 3 at Incheon City Hall. [PARK SANG-MOON]

INCHEON — Incheon Mayor Yoo Jeong-bok aims to elevate his city’s global status by hosting next year's Asia-Pacific Economic Community (APEC) summit.

The country’s third-largest city has aimed to boost Korea’s global presence by hosting internationally renowned events and pioneering policies to tackle critical national issues.

APEC is an annual economic forum that brings together 21 Asia-Pacific economies to discuss cooperation in trade and investment. It is recognized as one of the oldest forums in the Asia-Pacific region.

“Hosting the APEC summit isn't just a one-time event to boost tourism, but for the city's sustainable growth, including in trade, investment and digital economy,” Yoo emphasized.

The two other localities competing with Incheon are Jeju Island and Gyeongju in North Gyeongsang.

Yoo highlighted that Incheon is well-equipped to host the event, boasting excellent accessibility and facilities such as Incheon International Airport, conference venues and hotels.

"The objectives of the APEC summit, such as fostering trade and investment, digital economy and sustainable growth, perfectly align with why Incheon is the most suitable candidate to host the event," Yoo said.

The mayor's other goal is to bring the F1 Grand Prix to the city in 2026, noting the absence of international sports events since the current Yoon Suk Yeol administration took power.

Yoo, now in the third year of his second term as Incheon mayor, successfully lured the new Overseas Korean Agency to his city last year.

Last week, he unveiled his vision to elevate Incheon into a global top 10 city by developing parts of the city, including Yeongjong Island and Cheongna International City.

In addition to the city’s plans to host international events, the Incheon mayor, in an interview with Korea JoongAng Daily Executive Editor Choi Ji-young, discussed his vision to set an example of policies that could address critical national problems, such as low birthrates.

The following are excerpts from that conversation, edited for clarity.

Q. The city has been pushing to host the 2025 APEC summit for some time. How is the process going so far, and how would the city benefit from hosting the event?

A. Selecting the host city for the APEC summit isn't merely a regional concern but a matter of significance for Korea as a whole. In this regard, Incheon stands out as the optimal choice, given its robust infrastructure, including Incheon International Airport, the Convensia conference venue and hotels. The city offers unparalleled accessibility, facilities and safety. Incheon is home to Korea's largest Free Economic Zone and 15 international organizations, including the Green Climate Fund.

Moreover, with its extensive experience in hosting international events like the 2014 Incheon Asian Games, 2018 OECD World Forum and 2023 Asia Development Bank Annual Meeting, Incheon is well-prepared to ensure the success of the APEC summit.

Hosting the event will significantly contribute to the city's ambition of becoming a global top 10 city. It is expected to bring an economic boost of around 2.4 trillion won ($1.7 billion) to Incheon.

Songdo Convensia in Yeonsu District, Incheon [INCHEON METROPOLITAN GOVERNMENT]

Incheon is also bidding to host the F1 Grand Prix. How is this going?

Hosting the F1 race may be a good opportunity for the city to be globally recognized, with the competition considered one of the top three sporting events, alongside the Olympics and the World Cup. The country has not hosted any big sporting events during the Yoon Suk Yeol government. We have completed our first negotiation with F1 and will have an additional discussion shortly. They have also visited the potential site for the race. If held in Incheon, it will be held on a street circuit rather than a race circuit.

Is there a reason the race will be held on a street circuit?

Incheon’s Yeongjong Island, Songdo and Cheogna have the best conditions as racing on street circuits should consider multiple factors, including residents’ convenience and the impact on the city’s infrastructure and landscape. It also aligns with F1's direction, as there haven't been many such races. Countries and cities like Singapore, Morocco, Azerbaijan and Las Vegas have hosted such races before.

One of your major accomplishments is the launch of the Overseas Koreans Agency. What significance does the agency hold?

The history of overseas Koreans originates from Incheon, dating back to 1902 when Koreans immigrated to Hawaii from the city. Now, around 7.08 million Koreans live in 193 countries worldwide. The agency was established to facilitate their further contributions to the country's growth. With its network of 7 million overseas Koreans, Incheon can serve as a business hub in Korea. We plan to expand the city’s presence by creating a dedicated town for overseas Koreans, building upon existing initiatives like the town for Korean Americans. A welcome center for overseas Koreans will also be inaugurated in the second half of the year, equipped with lounges, meeting rooms and various business and education programs to support their lives abroad.

The city has recently announced a project to tackle the low birthrate called “100 million i+ dream,” which subsidizes 100 million won for children from birth until they reach 18. How was this policy drawn up?

The policy's announcement was to give the government a message about the need for substantial measures to address Korea’s demographic crisis. The government has spent 380 trillion won since 2006 to address the country’s low birth rate. Last year, it spent 50 trillion won. Yet, Korea’s fertility rate hit 0.72 last year, the lowest rate globally. It is important to note that it is the lowest and the figure is on a downward trend. In particular, the country needs to take comprehensive measures to tackle the issue so that the people will feel the immediate effect of the policies. Incheon's 100 million i+ dream project, which includes parental allowance, will be executed shortly after negotiating with the Ministry of Health and Welfare.

People watch military vehicles passing during a parade held on a street in Incheon to commemorate the 73rd anniversary of the Incheon Landing Operation on Sept. 15, 2023. [YONHAP]

The city commemorated the Incheon Landing of Sept. 15, 1950, on an unprecedented scale last year. Will this be the case this year, too?

The Incheon Landing holds immense historical significance, without which modern Korea would not exist. Last year, the city hosted a grand event on a landing ship, which President Yoon also attended, along with various street parades to commemorate the significant operation. However, this year's commemoration will differ due to budget constraints compared to last year. Next year, which marks the 75th anniversary of the amphibious landing operation, we plan to invite leaders from the eight countries that participated in the operation. However, given the numerous significant global events, such as the U.S. presidential election, we must see how it goes.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]