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| ▲ This image, provided by the foreign ministry on June 20, 2024, shows a meeting of the preparatory committee for the Asia-Pacific Economic Cooperation (APEC) Summit 2025 at the foreign ministry in Seoul. (PHOTO NOT FOR SALE) (Yonhap) |
foreign ministry-2025 budget
Foreign ministry proposes spending over 100 mln won to prepare for hosting APEC summit
By Kim Han-joo
SEOUL, Aug. 29 (Yonhap) -- 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.
The ministry also announced that it has allocated 6.9 billion won to prepare for the South Korea-Central Asia summit, aligning with President Yoon Suk Yeol's "K-Silk Road" initiative.
The initiative, announced in June, aims to create a new cooperation model by linking South Korea's innovative capabilities with Central Asia's abundant resources and development potential.
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