The Ministry of SMEs and Startups (Minister HAN Seongsook) announced that the 31st APEC SME Ministerial Meeting(SMEMM), held at the International Convention Center Jeju (ICC JEJU) from Monday, September 1 to Friday, September 5, was successfully concluded, and that after intensive discussions among member economies, a Joint Statement and the “Jeju Initiative” proposed by Korea were adopted.

This meeting marked the first time in 20 years since the 2005 Daegu conference that Korea hosted and chaired the event. Under the theme “MSMEs as Engines of Sustainable and Inclusive Growth,” ministers in charge of SMEs and high-level delegations from APEC member economies engaged in in-depth discussions.

The meeting addressed key challenges faced by SMEs, including artificial intelligence and digital transformation, responses to demographic changes, cooperation between large and small enterprises, and integration into global value chains, while exploring potential solutions.

The Joint Statement adopted after intensive discussions reflected the shared commitment of member economies to promote innovation, support sustainable growth through smart policies, and strengthen connectivity to expand the foundations for growth. It reaffirmed that SMEs remain a key driver of growth and prosperity even amid an uncertain global economic environment, and it was recognized as a tangible outcome that clarified practical directions for cooperation at the APEC level.

The most noteworthy achievement was the adoption of the “Jeju Initiative,” led by Korea. The initiative includes the launch of the APEC Startup Alliance, designed to connect the startup ecosystems of APEC member economies, and outlines concrete action plans such as regular forums, an online information-sharing platform, and the establishment of a standing network. These measures are expected to significantly strengthen startup exchanges and cooperation within the region. In particular, this initiative represents the first case among this year’s various APEC ministerial meetings in which a new initiative was adopted, serving as a meaningful outcome that demonstrates Korea’s leadership in the startup sector.

In addition, the ministerial meeting not only presented a blueprint for cooperation in the SME and venture sector within the region but also served as an opportunity to strengthen bilateral partnerships with individual member economies. During the meeting, Minister HAN Seongsook of the MSS held a series of bilateral talks with the Minister of Cooperatives and SMEs of Indonesia, the Minister of Production of Peru, the Vice Minister of the Ministry of Industry and Information Technology of China, the Minister of Economy, Trade and Industry of Japan, and the Vice Minister of Finance of Vietnam. They engaged in extensive discussions on practical cooperation measures in areas such as entrepreneurship, innovation, and technology exchange. Through these efforts, Korea enhanced the global standing of its SME policies while also reinforcing its bilateral cooperation networks.

In addition, more than 20,000 participants, including domestic and international startups, venture investors, and representatives from innovation institutions, visited Jeju for over ten side and affiliated events held alongside the ministerial meeting, such as Global Startup Day in Jeju, the Innovation Network Forum, and the K-Shopping Festa. Participants actively engaged in exchanges through technology exhibitions, investment consultations, and networking activities, which in turn revitalized Jeju’s lodging, tourism, transportation, and exhibition industries, making a significant contribution to boosting the local economy.

Minister HAN Seongsook stated, “In Jeju, we engaged in intensive discussions under the themes of innovation, sustainability, and connectivity, and achieved the significant outcome of adopting a Joint Statement that sets the growth direction for SMEs and ventures.”

She emphasized, “In particular, the APEC Startup Alliance, officially launched through the jointly adopted ‘Jeju Initiative,’ will serve as a springboard to accelerate the global leap of our startups and become an important stepping stone for Korea to advance as one of the world’s top four venture powerhouses.”