San Francisco will host the 30th Asia-Pacific Economic Cooperation Leaders’ Summit next November, according to a news release from San Francisco Mayor London Breed.

The announcement was made last month at this year’s gathering location in Bangkok, Thailand.

The economic cooperation conference, known by its acronym APEC, brings together world leaders and governmental officials to coordinate on economic matters related to the Asia-Pacific economic region.

The summit was founded in 1989 and currently comprises 21 member economies that seek to cooperate on free trade.

Breed celebrated the decision and said it would boost the city’s economy.

“Our economic recovery is ongoing, but our footprint is strong with over 34,000 hotel rooms, a newly renovated Moscone Center, iconic sites and cultural experiences, and a world-class culinary scene. This is an exciting opportunity for our City, its residents, workers, and visitors.”

The conference could bring thousands of visitors to the city and inject an additional $36.5 million into the local economy, according to estimates from Breed’s office.

The last time the summit was held in the U.S. was in 2011.