GYEONGJU, North Gyeongsang Province — President Lee Jae Myung on Friday touted South Korea's investment appeal in his speech to dozens of business leaders from member economies of the Asia-Pacific Economic Cooperation.
During a working lunch with members of the APEC Business Advisory Council at the Gyeongju Hwabaek International Convention Center in North Gyeongsang Province, Lee said his administration has pursued “market-oriented pragmatism,” cutting red tape and boosting support for future industries.
As the host country for the APEC conferences, South Korea has mapped out plans to enable APEC-wide actions to nurture service industries and digital economies, boost investment and carry out structural reform.
"If we put these efforts together, South Korea will strive for economic growth and a leap forward. I'm sure that South Korea will rise to become a more attractive investment destination," Lee said in his opening speech at the event.
South Korea's stock market has been on a bull run for the past six months, with growth recovering on the back of a turnaround in the fortunes of its chipmakers.
The Kospi, South Korea's main index, recently exceeded 4,000 points for the first time, having been stalled at around 2,500 points for three years. The index has not closed under 4,000 points since Monday, reaching an all-time high of 4,107 points on Friday.
According to an estimate from the Bank of Korea, South Korea's gross domestic product during the third quarter rose 1.2 percent on-year. That marked the biggest on-year growth since the first quarter of 2024. The estimate indicated that this year's annual economic growth could reach or exceed 1 percent, higher than the central bank's earlier projection of 0.9 percent.
Meanwhile, Lee also urged APEC entrepreneurs to take on new challenges, saying it was key to regional prosperity.
"The prosperity and future growth of the Asia-Pacific region hinge on the fighting spirit of entrepreneurs," Lee said."APEC leaders and I will spare no effort to support your fearless exchanges and innovations."
Lee's working lunch with the APEC Business Advisory Council, which was meant to collect APEC business leaders' thoughts and suggestions, was also attended by Australia's Prime Minister Anthony Albanese, Canada's Prime Minister Mark Carney, Chile's President Gabriel Boric, New Zealand's Prime Minister Christopher Luxon, Singapore's Prime Minister Lawrence Wong and Thailand's Prime Minister Anutin Charnvirkul, according to the presidential office.
At a separate small group meeting with Carney, Lee presented ways to tackle challenges arising alongside the emergence of artificial intelligence and demographic shifts through cooperation between the private and public sectors.
This year's ABAC is chaired by Lee Kyu-ho, CEO of chemical-to-textile manufacturer Kolon Corp. HS Hyosung Vice Chair Cho Hyun-sang and Lee Joo-wan, CEO of Megazone Cloud, are also South Korean members of the ABAC.
