Lee Jiyoon (left), deputy director-general of the Ministry of Foreign Affairs' International Economic Affairs Bureau, on Aug. 11 poses with Eduardo Pedrosa, executive director of the Asia-Pacific Economic Cooperation (APEC) Secretariat, while holding up the two copies of a memorandum of understanding on the launch of the APEC Sub-Fund on Prosperity of Future Generations at the APEC Senior Officials Meeting in Incheon. (Ministry of Foreign Affairs)

By Koh Hyunjeong

The government will donate USD 1 million to the Asia-Pacific Economic Cooperation (APEC) Secretariat to support youth development and expanded exchanges worldwide.

The Ministry of Foreign Affairs on Aug. 11 said it signed a memorandum of understanding on the launch of the Sub-Fund on Prosperity of Future Generations with the APEC Secretariat at the third Senior Officials Meeting (SOM) in Incheon.

Under the agreement, Seoul will make an initial contribution of USD 1 million from the first half of next year. The fund will start operations from the first half of next year.

Targeting people ages 18-34, the fund will support five project areas: knowledge exchanges among professionals; reinforcement of digital capacity; policy research on youth issues; support for startups; and promotion of jobs through technical training.

As the APEC chair country this year, Korea has led the design and operation of the fund. This project was unanimously approved by APEC's 21 member states at the second SOM in May.

The government said the fund is expected to bolster youth capacity and widen exchanges as a basis for cooperation to achieve regional inclusive growth and prosperity.

hjkoh@korea.kr