By Lee Hyo-sik
Staff Reporter
Korea plans to promote itself as a model in overcoming the 2009 worldwide economic crisis at the G-20 Summit in November, the head of the nation's preparatory committee said Wednesday.
G-20 Summit Coordinating Committee Chairman Sakong Il said Asia's fourth-largest economy has successfully recovered from the global downturn over the past year, adding that it has a lot to share with the rest of the world on how to achieve sustainable growth and overcome economic difficulties.
"With firsthand development experience and the successful overcoming of the 1997-98 Asian financial crisis, we have a lot to share with the global community. The government will create a 'Korea Standard' and present it at the upcoming G-20 Summit to help other countries better cope with future hardships," Sakong said.
The chairman said Korea will include the strengthening of global financial surveillance and the establishment of an early warning system as G-20 Summit agenda items.
"We will also call for setting up a global financial safety net and enhance regional financial cooperation."
Sakong also said the government will seek to host a gathering of business leaders from all over the world, adding it would be meaningful for political and business leaders to get together and issue a joint statement for global prosperity.
"We will discuss the rearrangement of quotas in international financial institutions because global rebalancing cannot be discussed without reforming the global financial structure. Korea will put forward a host of other important issues before world leaders so that the world remembers the 'Seoul Initiatives' for a long time," he said.
He also said that at the G-20 Summit to be held in Canada in June, leaders will deal with ways of jointly implementing exit strategies from extraordinary fiscal and monetary policies, adding the Seoul meeting will focus on how to redraw the global economic landscape.
Korea was named as the host of the meeting of heads of the world's 20 largest economies ― which represent 85 percent of global output ― in November 2010, becoming the first Asian country selected to do so.
The 20-member group has met three times since the global financial crisis struck in September 2008 to coordinate a global plan to fight the worst recession since the Great Depression.