Lee Offers New Intl Agencies on Global Crises

President Lee Myung-bak said Wednesday that the world needs to create new international organizations to better cope with the financial crisis and other daunting global issues such as climate change and a potential energy crisis, according to Yonhap News.

"Globalization is accelerating, while the economy rapidly transcends international borders. At this point, new international organizations are needed to regulate (unprecedented global issues) and take relevant countermeasures," Lee was quoted as saying during the opening ceremony of an international knowledge economy forum in Seoul.

"Now is the time to find common solutions to pressing global issues. We need to create a better order if necessary."

Lee didn't elaborate on his proposal, but his top aide explained that the president has long believed the world needs a new international organization capable of tackling current global financial market issues, and that the United Nations must set up a new organization to deal with climate change.

"President Lee also wishes that Korea would be able to host the headquarters of these newly created international organizations, because he believes that the hosting of an international agency would help boost the national brand," the aide was quoted as saying.

In his speech made in front of about 3,000 global and Korean opinion leaders from 50 countries, President Lee expressed concerns about the global financial crisis.

"The U.S.-originated financial crisis has hit the global economy hard and terrified many people. Uncertainty seems the most appropriate word to describe today's circumstances," said Lee.

"The current situation also reminds me of a 'time paradox.' The information technology revolution and rapid globalization are creating remarkable changes in speed. But the information on its underlying risks is not fully disclosed."

Lee then reiterated his government's green growth strategy.

"My government has presented low emission green growth as the nation's future vision. Knowledge integration will be necessary in various fields to resolve global issues, like climate change and energy problems, and attain sustainable economic growth."