The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Fri, August 19, 2022 | 13:11
Business
Seoul Selected as Venue of G-20 Summit in 2010
Posted : 2009-11-06 17:58
Updated : 2009-11-06 17:58
Print Preview
Font Size Up
Font Size Down

Sakong Il, Chairman of G20 Summit Coordinating Committee
By Lee Hyo-sik
Staff Reporter

Seoul has been named as host of the G20 summit in November 2010, Cheong Wa Dae said Friday, citing its superior infrastructure over other candidate cities.

After Korea was named as a venue for the gathering of leaders from the world's 20 most advanced economies next year, Seoul, Incheon and Jeju had vied to host the event.

Cheong Wa Dae spokesman Park Seon-gyu said the G20 summit, the largest international event ever to be held in Korea, requires a large-scale convention center and lodging facilities, adding the government has no other choice but to make the best use of existing infrastructure with only 12 months left before the meeting.

"Seoul has many hotels and a convenient transportation network. Also, for security reasons, it is better prepared than other metropolises here. But gatherings of ministers and other government officials, as well as many sideline events, will be held in a number of cities," Park said.

A pan-government committee for the preparation of the G20 summit will be launched in the middle of this month, the spokesman said. "The committee will be jointly headed by G20 Summit Coordinating Committee Chairman Sakong Il, presidential policy chief Yoon Jin-shik and Financial Services Commission (FSC) Vice Chairman Lee Chang-yong.

In the meantime, Sakong said Friday that Seoul would bring the developed and developing worlds together, stressing Asia's fourth-largest economy would play a leadership role in the making of a new global economic order.

In a breakfast seminar, "The Korea G20, East Asia and Korea," at the Westin Chosun Hotel in downtown Seoul, Sakong said it was a remarkable achievement for the nation to host the summit in November 2010, adding the government would make the event a success and turn it into a premier global forum.

"The fact that Korea was selected as the G20 summit chair of 2010 is proof of world leaders' confidence in the Asian country's potential leadership role. Now, we need to take the lead in the global effort to provide vision and devise a new growth model for a sustainable and balanced growth of the global economy," he told a group of Korean and foreign economists and policymakers at the seminar organized by the Korea National Committee for Pacific Economic Cooperation (KOPEC).

He said the G7 had lost its legitimacy over the past decade by not including emerging economies, stressing the rise of the G20 was a reflection that global power was shifting to the East from the West. "Following the current financial crisis, international economic issues cannot be addressed without emerging economies. The G20 will and should be a premier forum for global policy cooperation and coordination," he said.

Touching on exit strategies, the chairman said the G20 should come up with general principles to provide guidance for member economies. "Even though each country faces a different situation, they should steer their economies to return to normal within an agreed and coordinated global consensus to achieve maximum results."

Among major policy issues for the G20, Sakong said global rebalancing cannot be discussed without reforming the global financial architecture. "We need to make international financial institutions more credible and complete the Doha Round as early as possible. The world should also counter growing protectionism and improve food and energy security," he said.

Sakong added that gaining cooperation from non-member economies was critical for the success of the G20, adding a range of development issues should be discussed in the forum.

"The G20 cannot afford to lose support from more than 172 non-G20 members. We have to tackle their concerns, which are mostly development issues. Korea is well positioned to bridge the gap between the developing and developed worlds. With the firsthand development experiences and the successful overcoming of the 1997-98 Asian financial crisis, the nation has a lot to share with emerging countries," the chairman noted.

Foreign participants at the seminar also echoed Sakong's view, saying that Korea should assume a greater role in the G20 and speak for developing countries in Asia and other parts of the world.

"Korea's hosting of the G20 summit next year is good not only for the country, but also for Asia. As far as I know, the region is supporting Korea's increasing international role and in return, the country should make more efforts to reach out to other regional economies and work together for common goals," said Jusuf Wanandi, Publisher of The Jakarta Post.

Peter Petri, professor at the Brandeis International Business School in Honolulu, Hawaii, also said Korea should strengthen its leadership role in the region. "Korea is ideally positioned to assume a bridging role between advanced and developing worlds, as well as between Asia and the rest of the world. At the November G20 summit, it should represent interests and concerns of the entire region and strike a balance with those of the West."

leehs@koreatimes.co.kr
 
LG
  • Suga of BTS remakes Galaxy's signature ringtone
  • Korean businesses pressure gov't to lower inheritance tax
  • Hit TV series leads to surge in visitors to southern region of Korea seeking glimpse of dolphins
  • Seoul to provide subsidies to households with babysitting grandparents
  • Government struggles to handle unused coronavirus vaccines
  • Minister rebuked for 'submissive' stance toward Japan
  • Yoon to reshuffle presidential office to regain public trust
  • Shinsegae to open integrated shopping mall in Gwangju
  • Household income grows at record pace amid soaring inflation
  • Authorities to ban access to unauthorized foreign crypto exchanges
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • 'Mukbang' binge-eating shows give way to new trend of eating little 'Mukbang' binge-eating shows give way to new trend of eating little
    • [INTERVIEW] YouTubers bridge Korean, Muslim and Latin American cultures [INTERVIEW] YouTubers bridge Korean, Muslim and Latin American cultures
    • [INTERVIEW] Jung Woo shapes his character for Netflix's 'A Model Family' [INTERVIEW] Jung Woo shapes his character for Netflix's 'A Model Family'
    • NCT Jaehyun drops first solo single 'Forever Only' NCT Jaehyun drops first solo single 'Forever Only'
    • Artist Do Ho Suh invites children to his clay fairyland Artist Do Ho Suh invites children to his clay fairyland
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group