The major players in the startup ecosystem of APEC member countries, including startups, investors, and policy institutions, will launch the "APEC Startup Alliance."
Minister Han Seong-suk of the Ministry of Small and Medium Enterprises and Startups announced on the 5th at the "APEC Small and Medium Enterprises Ministerial Meeting" that the "APEC Startup Alliance" is launched as part of Korea's proposed "Jeju Initiative."
On this day, Minister Han discussed issues faced by small and medium enterprises, such as technological innovation and responses to climate change, with chief representatives from 21 APEC member countries, including China, Japan, Vietnam, Indonesia, and Peru, at the "APEC Small and Medium Enterprises Ministerial Meeting" held at the Jeju International Convention Center (ICC JEJU).
In particular, they shared major issues faced by small and medium enterprises, such as AI and digital transformation, responses to demographic changes, cooperation between large and small enterprises, and integration into the global value chain, and sought solutions.
The highlight of the day was the "Jeju Initiative," adopted under the leadership of Korea as the chairing country. It includes the launch of the APEC Startup Alliance, which will facilitate regular meetings and network building among startups from APEC member countries.
First, every year, key players in the startup ecosystem, including innovative startups, government agencies, universities, accelerators, and venture capital firms, will participate to share policies, innovative ideas, and exemplary startup cases, supporting ecosystem growth. The goals and agendas of the forum each year will receive approval from the APEC Small and Medium Enterprises Working Group (SMEWG).
Additionally, an "online information-sharing platform" will be established and operated to contain information related to the startup ecosystem of APEC member economies. The accumulated information will be shared with other stakeholders within APEC, and this platform is set to be launched in the second half of 2026.
Minister Han noted, "This Jeju Initiative is the first newly adopted case among several APEC ministerial meetings held this year," and stated, "It was a significant achievement that demonstrated Korea's leadership in the startup sector."
On this day, Minister Han also adopted a joint declaration with chief representatives from the 21 APEC countries. It encapsulates the member countries' common commitment to promote innovation, support sustainable growth with smart policies, and strengthen consolidation to broaden the bases for growth. The Ministry evaluated it as "a reaffirmation that small and medium enterprises are the key drivers of growth and prosperity, even amid an uncertain global economic environment, and a concrete outcome that materializes practical cooperation directions at the APEC level."
Minister Han conducted a series of bilateral meetings with the Minister of Small and Medium Enterprises from Indonesia, the Minister of Production from Peru, the Vice Minister of Industry and Information Technology from China, the Special Minister of Economy, Trade and Industry from Japan, and the Vice Minister of Finance from Vietnam, discussing practical cooperation measures such as startups, innovation, and technology exchange.
Peru requested discussions on the establishment of the K-Startup Center (KSC). With Japan, policies related to succession of small and medium enterprises, smart manufacturing, and issues both countries are facing, such as aging populations and declining birth rates, will be discussed. Cooperation measures for small and medium enterprises and startups are being pursued with China and Indonesia.
Minister Han said, "In Jeju, we fiercely debated the themes of innovation, sustainability, and consolidation, and achieved the adoption of a joint declaration that reflects the growth direction of small and medium enterprises." She also stated, "The APEC Startup Alliance, which was officially launched through the Jeju Initiative, will serve as a bridge to accelerate the global leap of Korean startups," adding, "It will be an important stepping stone for Korea to advance as one of the top four global venture nations."