By Joo Hyung-hwan, vice chair of the Presidential Committee on Ageing Society and Population Policy
At the end of this October, the leaders from across the Asia-Pacific will gather in Gyeongju for the APEC Economic Leaders’ Meeting, held under the theme, “Building a Sustainable Tomorrow.” One of the most urgent and widely shared challenges facing APEC member economies is the demographic shift driven by low fertility rates and rapidly ageing populations. As the country with the world’s lowest birth rate and the fastest-ageing population, Korea — this year’s APEC chair — has identified “Responding to Demographic Change in the Asia-Pacific Region” as a key deliverable of the meeting. This is a challenge that must be addressed head-on to ensure long-term sustainable development. In June last year, Korea declared a national emergency about the population and has since held monthly emergency population response meetings to advance policies tackling low birth rates and ageing.
To foster a shared understanding among APEC member economies that demographic change is a common and pressing concern, Korea should consider proposing the “Gyeongju Declaration on Joint Response to Demographic Change” as the flagship outcome of this year’s Economic Leaders’ Meeting. This declaration would outline clear, collective goals for the Asia-Pacific region and signal the beginning of deeper regional cooperation on one of the defining issues of our time.
To that end, working-level groups must engage in substantive, in-depth discussions on population-related challenges. Joint research among member economies’ institutions — alongside focused ministerial meetings — should address key areas such as balancing work and family, affordable and high-quality child care and elderly care systems, sustainable pension reform, labor market issues including continued employment for seniors and migration, as well as education, gender equality and the silver economy.
The APEC CEO Summit and related business forums, held in parallel with the Economic Leaders’ Meeting, also offer timely platforms to elevate the population agenda. The idea of inviting Elon Musk as a special guest for a dialogue session could be considered. In 2022, Musk claimed that Korea is "tracking to lose about half its population roughly every generation” — a claim that, if it were actually true, could catalyze high-level conversations among global leaders, innovators and business executives.
In addition, Korea could propose hosting an “Age-Tech Exhibition” as a side event, with full participation from APEC member economies. As cutting-edge technologies — such as AI, IoT, robotics and biotechnology — converge with senior care solutions. With population ageing accelerating globally, what some in Korea call "age-tech" is emerging as a new growth engine. Hosting such an exhibition would not only showcase Korea’s technological leadership, alongside recent technological developments from other member economies, but also foster meaningful cross-border collaboration and industry growth.
Another ambitious idea is the establishment of a joint fund for responding to population change, aimed at strengthening cooperation among APEC economies and supporting developing countries facing similar demographic pressures. Korea already has experience in hosting international organizations with the establishment of the Green Climate Fund and the Global Green Growth Institute to support sustainable development. Korea will be able to take the lead once again in designing a collective response to a defining long-term issue.
The upcoming APEC Economic Leaders’ Meeting — returning to Korea for the first time in two decades — represents a pivotal opportunity to revitalize the Korean economy and reaffirm its role in regional leadership. Its success is not only a national imperative but also a chance to help shape the global agenda. By proposing bold, forward-thinking initiatives that align with global trends and offer shared value, Korea can turn the historic city of Gyeongju into a global forum for demographic dialogue. If meaningful strategies emerge, the APEC 2025 will be remembered as one of the most impactful in APEC’s history.
Views expressed in this article are the author's own. -- Ed.
koreadherald@heradcorp.com
