Chilean President Sebastian Pinera announced Wednesday that Chile will suspend hosting the APEC summit and the COP25 climate summit, due to ongoing social crisis in the South American country.

"Our government... with deep pain... has resolved not to hold the APEC summit that was scheduled for November, nor the COP summit, which was scheduled for December," Pinera said in a speech at the La Moneda Presidential Palace in Santiago.

The Chilean president told the press that his main concerns at this time are to fully restore public order, citizen security and social peace.

The Asia-Pacific Economic Cooperation (APEC) forum and the 25th session of the Conference of the Parties (COP25) to the United Nations Framework Convention on Climate Change were originally scheduled to take place in Chile in November and December of this year, respectively.