South Korean President Lee Jae Myung urged APEC members on November 1 in Gyeongju to embrace AI-driven transformations as opportunities for inclusive growth, introducing Korea's 'AI-Based Society for All' initiative during the summit's retreat session. Leaders are set to adopt the 'Gyeongju Declaration' along with two documents on AI and demographic challenges. Lee will then hand over the APEC chairmanship to Chinese President Xi Jinping.
The Asia-Pacific Economic Cooperation (APEC) summit entered its concluding session on November 1 in Gyeongju, as leaders sought consensus on free trade and multilateralism amid the ongoing U.S.-China trade tensions. President Lee Jae Myung highlighted South Korea's two key initiatives—artificial intelligence (AI) and demographic changes—during the session titled 'Preparing a Future-Ready Asia-Pacific.'
Lee introduced the 'AI-Based Society for All' initiative, stating, 'The Republic of Korea envisions a global AI society where people around the world can equally enjoy the benefits of technological progress, and will steadily implement policies to realize this core vision.' He emphasized turning AI's great transformation into an opportunity, noting South Korea's national 'AI transformation' and efforts to foster an AI innovation ecosystem. Plans include expanding infrastructure like large-scale data centers and regulatory reforms to allow global companies to innovate freely.
On demographic challenges, Lee called for collective APEC efforts, proposing a joint framework to address low birth rates and aging populations. 'Demographic changes pose serious challenges that affect all areas of society, ranging from economic growth and the labor market to education and welfare, and cannot be resolved through partial or isolated measures,' he said. In response, South Korea is focusing on cultural and creative industries as a new growth engine.
Leaders are expected to adopt the 'Gyeongju Declaration' encapsulating this year's outcomes, along with two documents on AI and demographic issues. The two-day summit has centered on bolstering economic resilience and growth amid rising protectionism. Chinese President Xi Jinping advocated safeguarding the multilateral trading system and creating an 'Asia-Pacific community' in the face of uncertainties.
Following the session, Lee will formally hand over the APEC chairmanship to Xi, whose country will host next year. A group photo will precede Lee's press conference as chair to brief on key results, followed by a bilateral meeting with Xi and a dinner banquet.