(LEAD) Foreign ministry proposes over 100 bln won in budget for APEC summit preparations

▲ 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)

(LEAD) foreign ministry-2025 budget

(LEAD) Foreign ministry proposes over 100 bln won in budget for APEC summit preparations

(ATTN: RECASTS headline; UPDATES with more info in last 2 paras)

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. It is part of the government's budget of 677.4 trillion won for next year, subject to approval at the National Assembly.

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.

The budget allocated for official development assistance (ODA) for 2025, to be managed by the foreign ministry, stands at 2.85 trillion won, a slight increase from this year's 2.79 trillion won. The total government budget set aside for ODA amounts to 6.8 trillion won in 2025.

The Yoon Suk Yeol administration has gradually increased its ODA budget to realize its vision of South Korea as a "global pivotal state."

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