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Samsung Electronics Chairman Lee Kun-hee, right, and his ...

Around 200 internship applicants for the Museum of ...

Children from an Incheon community center take a group ...

Kwon Oh-hyun, center, president of Samsung Electronics’ ...

Build on G20 role to address Korea Discount

By Kim Jae-kyoung Staff reporter Since the end of the Korean War in 1953, South Korea has created one of the most impressive stories of rebirth in the world by transforming a war-ravaged agrarian economy into a global manufacturing powerhouse. Over the past 60 years, Korea has seen its ranking rise sharply in the global economic league table, becoming the 13th largest economy in the world. Korean companies also flourished, with Samsung and POSCO emerging as international leaders in the respective manufacturing industries. Following the global financial crisis, Korean firms are rising even further by capitalizing on the fall of global corporate heavyweights. However, there is something missing more importantly not improving as equally fast. It is the brand of Korea. Korea's brand is still undervalued compared to its economic size. Against this backdrop, President Lee Myung-bak and his administration are seeking to use the G20 as an opportunity to strengthen its national brand and turn ‘Korea Discount’ into ‘Korea Premium.’ McKinsey & Company Chairman Dominic Barton be

South Korea to take center stage in global culture via G20

By Lee Hyo-won When Angelina Jolie visited Seoul recently, the Hollywood beauty said it was unfortunate that news of inter-Korean tensions eclipsed the international media coverage on South Korea. Case in point: Sohn Jie-ae would have been busy reporting Pyongyang’s human rights violations or artillery activities as the CNN correspondent to Seoul. But since February, she has been able to focus on the southern half of the Korean Peninsula as the spokesperson for the upcoming G20 Summit here. “While working as a CNN correspondent for 15 years I covered the Korean Peninsula from top to bottom. I mostly dealt with North Korea but at some point I wanted to do a little more of South Korea. There are a lot of things about South Korea that is important, but North Korea dominates the global arena so much,” Sohn told The Korea Times last week in her office in Samcheong-dong, downtown Seoul. “It’s about time South Korea’s global growth should take center stage,” she said. South Korea is the first non-G7 member state to chair the summit, which is due to take place on Nov. 11 and

Korea should bring can-do approach to G20

This interview is part of a package of articles highlighting Korea’s preparations for the Nov. 11 to 12 G20 Summit slated for Seoul, marking today’s D-90 day for the summit. — ED. By Kim Jae-kyoung Following the Toronto Summit in June, there have been growing doubts about the legitimacy of the G20 Summit, as most of the previous gatherings were only slogan-oriented with no workable agreements and solutions. Leaders around the world are now paying attention to the G20 Seoul Summit slated for Nov. 11 and 12. They believe the G20 is now at a crucial juncture on whether it should remain as the world’s policy forum and that the outcome of the Seoul Summit can determine its future. A noted global consultant suggests that in order to make the summit a success and keep the G20 afloat, Korea take a different approach from its predecessors in its role, noting that it is the first G20 meeting to take place in a non-G8 state in Asia. “Korea’s role at the summit should be action-oriented. It should bring a ‘can-do’ approach to the meeting, ensuring that the G20 makes concret

Rock’n’roll spirit fuels energetic negotiator

Lee Jun-kyu believes goodwill can overcome wily politics By Cho Jin-seo You don’t often see government officials in the Ministry of Strategy and Finance having loud music such as “We Will Rock You” as a mobile phone ringtone, or wear a plastic sports watch to work. But Lee Jun-kyu doesn’t care about the ministry’s officialdom. In fact, he doesn’t have the time to care. As one of the brains on South Korea’s G20 team, Lee has spent most of his days this year outside the ministry, discussing heavily financial subjects such as the bank tax and sovereign debt with his teammates and foreign counterparts. His official title is a special advisor to Finance Minister Yoon Jeung-hyun, yet his first mission was singing Elvis Presely’s “Love Me Tender.” “I was giving a presentation on the Korean economy to investors,” he recalls of the London event in February 2009, when foreign capital was escaping from Seoul’s equity and bond markets at a worrying pace. It was a time when the whole world was shaking from the financial crisis and investors’ confidence was hitting bottom. “At t

G20 agenda analysis 1: Framework for growth

Seoul Summit will specify each nation’s monetary, fiscal direction This is the first of a four-part series on the G20 Summit agenda. ― ED. 1. Framework for strong, sustainable, balanced growth (Aug. 13) 2. Reform of international financial institutions (Aug. 23) 3. Basel III ­ tightening of bank capital and liquidity requirements (Sep. 2) 4. Economic development of poor countries (Sept. 12) By Cho Jin-seo Few Americans would feel comfortable if the Chinese or Argentine governments conducted an audit on their federal accounting. The Japanese would be unhappy if the French or the Russians told them to stop working hard and adopt a more liberal way of spending. But at the G20 Summit, these unlikely international cross-checking of national policies are supposed to happen, in order to produce the final resolution of a “Framework for Strong, Sustainable and Balanced Growth” ― only if things go according to plan. Officials in negotiations call this G20 initiative “the SSBG,” or simply “the Framework,” and it will be the main issue at the Seoul Summit. It is also goin

Models show off the 64-year-old Macallan in a Lalique ...