Peru is preparing to host the Asia-Pacific Economic Cooperation (APEC) Summit again in 2024, an event that represents a strategic opportunity to consolidate its international relations and strengthen its presence in the Asia-Pacific region.
With the motto “Empower, Include, Grow”, this will be the third time that the country assumes APEC presidency, a significant milestone that underscores his commitment to inclusive growth and economic integration. Below, we take a closer look at the most important aspects that Peru can highlight from its role as host of APEC 2024, considering both the local impact and global perspectives.
Peru hosts APEC 2024 for the third time to strengthen ties with the Asia-Pacific region
The Asia-Pacific region, made up of economies in constant growth and transformation, represents an essential partner for Peru. As an active member of APEC since 1998, Peru has constantly sought to increase cooperation and trade with these countries. This year, with the APEC summit, a window opens to consolidate strategic alliances and establish effective dialogues on trade, innovation, and sustainable development. Strengthening ties with Asia-Pacific countries will allow Peru to expand its export opportunities and attract greater investments, which will result in benefits for key sectors of the Peruvian economy.
The presidency of APEC 2024 – as the country that hosts the event is called – is not something that should be overlooked, as it represents a symbolic and operational achievement. This is the third time that Peru has hosted this event, having done so in 2008 and 2016, and these previous meetings have provided valuable experience and logistical knowledge for the complete success of the 2024 edition.
In 2008, Peru used the summit to highlight its economic potential, while in 2016, the country focused its efforts on boosting connectivity and inclusive development. In 2024, the goal is to consolidate its image as a country open to the world, willing to strengthen dialogue and contribute to regional economic growth.
The role of APEC in the economic reactivation of Peru post-pandemic
The COVID-19 pandemic left a significant mark on the global economy, and Peru was no exception. Economic reactivation remains a challenge, and APEC represents an essential platform to promote growth in a post-pandemic environment. Collaboration between APEC economies can facilitate the implementation of policies that strengthen strategic sectors, boost the growth of small and medium-sized businesses, and generate employment in various regions of the country.
The APEC 2024 summit aims to exchange experiences of other countries that also face recovery challenges, thus facilitating the adoption of effective measures that revitalize the economy. Let us not forget that through APEC, Peru is directly connected with 21 economies that represent 62% of world production, 48% of trade in goods and services, and 38% of the world population.
To sample, a very relevant fact. The vice minister of MYPE and Industry, César Quispe, estimated that APEC will allow the entry of 8 billion dollars in investment, exceeding the 6 billion that almost 1,000 businessmen from abroad invested in Peru in the 2016 edition.
Boosting Key Sectors: Tourism, accommodation, transportation and more
One of the sectors that will directly benefit from the APEC summit is tourism. Thousands of international delegates and visitors will arrive in Peru, generating significant demand for accommodation, transportation, food services and entertainment. In that sense, Proturismo already estimates that APEC could generate up to $30 million in income, attracting approximately 15,000 visitors during the year.
This influx will not only boost the local economy and promote a positive image of the country. The partial use of Terminal 2 of the Jorge Chávez Airport is presented as the perfect opportunity to show that infrastructure efforts are aimed at opening the country’s doors to the world.
Additionally, the event will provide an opportunity for local entrepreneurs and companies to present their products and services to a global audience. With a well-planned strategy, tourism and associated sectors will be able to capitalize on this opportunity, contributing to economic growth and consolidating Peru as an attractive destination for business and event tourism.
Photo: Andina
Connecting Peru to Global Markets: Boost trade and investment
The APEC Summit has always served as a catalyst to increase Peru’s connectivity with global markets. The discussions and agreements reached during the event have boosted trade and investment, creating new opportunities for Peruvian and foreign companies.
This time, in a context in which global economies seek to diversify their suppliers and establish more resilient supply chains, Peru can position itself as a reliable and competitive partner. Investment opportunities in sectors such as mining, renewable energy, technology and agriculture can boost the Peruvian economy, generating a positive and lasting impact.
This is why it is extremely important that the Inauguration of the Chancay Megaport takes place during APEC, a mega project that will be the main connection with the Asian market. If we add to this the possibility of closing free trade agreements with countries like Indonesia, with a market of more than 120 million people, we are faced with a fact that will mark the path of the country’s international commercial development for the coming years.
The importance of social diplomacy to address economic and social challenges
APEC 2024 also represents an opportunity for social diplomacy, a key aspect in the economic and social context of Peru. By facilitating dialogue between government, private and social sectors, Peru can promote an environment of collaboration that addresses shared challenges, such as poverty reduction, inclusive and sustainable development, gender equality and improving education and health.
The main leader with whom a mutual path will be sought through social diplomacy is Chinese President Xi Jinping, after it was confirmed that Lula Da Silva, President of Brazil, will be absent from APEC to concentrate on the G20 summit to be held a few days later. In addition, there is the possibility of receiving the President of the United States, Joe Biden.
How can a PR agency help during these types of events?
In an international event of this magnitude, where business leaders from the most important economies on the planet participate, the role of public relations becomes crucial. Whether working hand in hand with companies involved or with state entities, the main function of PR agencies is to design and execute strategies that maximize the visibility and reputation of the company or the host country in the eyes of the world.
The main contribution that a PR agency can provide during APEC 2024 is the strengthening of the image of the different nations and companies that are attracted to Peru. From presenting a new product, through a brand awareness campaign or generating meetings with stakeholders, this association with companies specialized in communication can make a difference.
Likewise, the agency must be in charge of media management and international coverage, ensuring that important news and events of the summit are disseminated accurately and favorably. This includes organizing press conferences, managing interviews with key figures, and coordinating visits from journalists, generating a positive and cohesive narrative that resonates with global audiences.
The benefits of a PR agency in Peru are not limited to this, they also facilitate networking and the creation of alliances, they are in charge of communication on social networks, they can help promote the central themes of APEC such as inclusion and sustainability; and take charge of crisis management to respond quickly to unforeseen situations.
In conclusion, the presidency of APEC 2024 offers Peru a unique opportunity to consolidate its presence on the international stage and promote inclusive and sustainable growth. The lessons from this event can have a lasting impact on the Peruvian economy and society, boosting key sectors, strengthening international cooperation and opening doors to new markets.
By taking advantage of its role as host of APEC, Peru seeks not only to benefit itself, but also to contribute to the prosperity and stability of the Asia-Pacific region, marking a decisive step towards a future of shared growth and equitable development.
