In 2005, the Korean government proposed establishing an APEC SME Innovation Center to promote economic activities and co-prosperity in the APEC region by strengthening innovation capacity of SMEs.

At the 2005 APEC SME Ministerial Meeting, ministers endorsed Korea's proposal. As a result, the APEC SME Innovation Center(SMEIC) officially opened within the Korea Technology and Information Promotion Agency for SMEs on February 28, 2006.