The foreign ministry said Thursday it has proposed more than 100 billion won (US$74.8 million) in spending for next year to prepare for hosting the Asia-Pacific Economic Cooperation (APEC) summit.
The foreign ministry said it proposed 4.32 trillion won for next year’s budget, up 3.1 percent from this year’s spending. The government on Tuesday proposed a budget of 677.4 trillion won for next year, which will be submitted to the National Assembly for approval.
Despite the government’s overall belt-tightening stance, the foreign ministry has requested 100.8 billion won in budget to prepare for the APEC summit to be held in Gyeongju in November 2025.
The proposed amount represents a significant increase from this year’s 2.5 billion won in budget, nearly 40 times higher.
South Korea will host the APEC summit in Gyeongju, 276 kilometers southeast of Seoul, next year. It will mark the first time in 20 years since South Korea held the APEC summit in the southeastern port city of Busan in 2005.
https://m-en.yna.co.kr/view/AEN20240829003400315?section=national/national
