Hyosung vice chairman takes helm of 2025 APEC business council

HS Hyosung Vice Chairman Cho Hyun-sang has officially begun his role as the member and incoming chair of the APEC Business Advisory Council (ABAC) for 2025, Hyosung Group announced on Friday.

Appointed the ABAC chair in August this year, Cho recently met with Foreign Minister Cho Tae-yul and Second Vice Foreign Minister Kang In-sun. On Thursday, he also met with Trade Minister Jeong In-kyo to discuss the ABAC's role and vision for next year’s APEC meeting, which will primarily take place in Gyeongju, North Gyeongsang Province, along with other cities.

The ABAC meetings bring together representatives from 21 member economies to compile private sector recommendations for enhancing regional economic exchanges. These recommendations are then presented to APEC economic leaders in a closed-door dialogue with ABAC members, to support policy alignment and cooperation.

Cho will oversee four ABAC meetings throughout the year, as well as the dialogue with APEC leaders, among several other key events.

He is also set to attend the upcoming 2024 APEC CEO Summit in Peru as ABAC co-chair, scheduled for Nov. 14 and 15. There, Cho and over 60 representatives from 21 countries will review the ABAC recommendations developed over the past year before presenting them to APEC leaders.

In his capacity as next year's chair, Cho will outline themes, priorities and plans for the 2025 ABAC meetings.

Korea will host the APEC Summit in October, bringing together leaders from 21 Asia-Pacific economies and around 1,000 global business leaders, and will lead over 200 related meetings to foster economic cooperation across the Asia-Pacific region.