The 31st APEC Small and Medium Enterprise Ministerial Meeting (SMEMM) concluded successfully in Jeju from September 1-5, marking a historic milestone for regional economic cooperation. Hosted by Korea’s Ministry of SMEs and Startups under Minister Han Seongsook, the event brought together ministers and high-level delegations from across the Asia-Pacific region for the first time in 20 years since Korea last hosted the meeting in Daegu in 2005.

Under the theme “MSMEs as Engines of Sustainable and Inclusive Growth,” the five-day conference addressed critical challenges facing small and medium enterprises today. Key discussions centered on artificial intelligence integration, digital transformation, demographic shifts, large-small enterprise cooperation, and global value chain integration.

The meeting culminated in the adoption of a comprehensive Joint Statement reflecting member economies’ shared commitment to innovation promotion, sustainable growth policies, and enhanced connectivity. The statement reinforced SMEs’ vital role as growth drivers despite ongoing global economic uncertainties.

The conference’s most significant achievement was the adoption of Korea’s proposed “Jeju Initiative,” establishing the APEC Startup Alliance – a groundbreaking framework designed to connect startup ecosystems across APEC member economies. The initiative outlines concrete action plans including regular forums, an online information-sharing platform, and a permanent networking structure. This initiative represents the first new program adopted among all APEC ministerial meetings held in 2024, demonstrating Korea’s leadership in the startup sector and regional cooperation.

Minister Han Seongsook conducted strategic bilateral meetings with counterparts from Indonesia, Peru, China, Japan, and Vietnam. These discussions focused on practical cooperation in entrepreneurship, innovation, and technology exchange, strengthening Korea’s global SME policy influence while expanding bilateral cooperation networks.

The ministerial meeting generated substantial economic activity, attracting over 20,000 participants including domestic and international startups, venture investors, and innovation institution representatives. More than ten side events, including Global Startup Day in Jeju, the Innovation Network Forum, and K-Shopping Festa, provided platforms for technology exhibitions, investment consultations, and networking activities. These events significantly boosted Jeju’s hospitality, tourism, transportation, and exhibition sectors, demonstrating the meeting’s positive impact on the local economy.

“In Jeju, we achieved intensive discussions on innovation, sustainability, and connectivity, resulting in a Joint Statement that charts the growth direction for SMEs and ventures,” Minister Han stated. She emphasized that the APEC Startup Alliance will serve as “a springboard to accelerate the global advancement of Korean startups and an important stepping stone for Korea to become one of the world’s top four venture powerhouses.”

The successful conclusion of the 31st APEC SMEMM positions Korea as a key player in regional economic cooperation while establishing a robust framework for future startup collaboration across the Asia-Pacific region.