In mid-November, the Asia-Pacific Economic Cooperation (APEC) Summit converged on the Bay Area. This annual gathering of world leaders seeks to promote trade, investment, and economic development among nations around the Pacific Ocean and was last hosted in the United States in 2011. This year, San Francisco welcomed leaders of the 21-member states, along with trade, finance, economic, innovation ministers, and business leaders representing the region’s largest companies.
According to a White House fact sheet, U.S. companies represented at the APEC CEO Summit announced over $50 billion of investments into APEC economies in 2023. As the host nation for this conference, U.S. President Joe Biden participated in multiple speaking engagements and attended a daylong high-stakes summit with Chinese President Xi Jinping in nearby Woodside. American businesses are the largest source of foreign direct investment in APEC economies, with many investments going toward advancing the Partnership for Global Infrastructure and Investment (PGII), a G7’s flagship infrastructure initiative. Participating companies also made announcements to support three policy pillars to make the Asia-Pacific more inclusive and interconnected, green and sustainable, and resilient and secure.
Throughout the week, East Bay EDA participated in various meetings and events organized by the Bay Area Council, GlobalSF, and foreign governments. Highlights included Global SF’s, The Future Starts in California which featured Co-Chairs California State Treasurer Fiona Ma and AAPI Legislative Caucus Chair Assemblymember Evan Low, and the Bay Area Council’s Japan Member Country Spotlight Cocktail Reception, among others. It was a successful week of learning and networking with some of our biggest trade partners and economic allies, offering a unique opportunity to highlight the Bay Area as a global leader in innovation.
Read more about the 2023 APEC Summit: