Incheon, Shinhan team up to win hosting rights for APEC Summit 2025

Incheon and Shinhan Bank signed a memorandum of understanding agreeing to joint efforts to bring the Asia-Pacific Economic Cooperation (APEC) summit next year to the city.

Incheon Mayor Yoo Jeong-bok, left, and Shinhan Bank CEO Jung Sang-hyuk hold signed memorandum of understanding at the Incheon City Hall on Monday. [INCHEON METROPOLITAN CITY]

Incheon Metropolitan City and Shinhan Bank have teamed up to bring the Asia-Pacific Economic Cooperation (APEC) summit to the west coast city, the local government said Monday.

“The city government will invest all resources and capabilities to host the 2025 APEC summit in Incheon until the final moment of the bidding race,” Incheon Mayor Yoo Jeong-bok said.

The mayor and the bank’s CEO, Jung Sang-hyuk, attended a ceremony at city hall on Monday for the signing of a memorandum of understanding on the partnership.

To bring the world leaders’ meeting to the city, the local government and the bank promised to exchange information and direct joint efforts to gain residents’ awareness and endorsement of the summit.

The signing of the latest agreement adds a reliable partnership for Incheon in the bidding race, the mayor said.

Yoo also called for “united support” from residents to host the summit in “the global business city, Incheon.”

Korean localities are competing against each other to host the international summit in their region. Jeju, Busan, North Gyeongsang's Gyeongju and Incheon all announced bids last year.

The annual APEC summit is expected to attract some 6,000 officials and heads of state from 21 nations in Asia and the Pacific region. It is the world’s largest economic forum, comprising key countries such as the United States, China, Japan and Australia.

The summit will arrive in Korea two decades after Busan hosted it in 2005. It is slated to take place in November of next year.

The Foreign Ministry will decide on the host in the first half of this year.

BY LEE SOO-JUNG [lee.soojung1@joongang.co.kr]