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President Lee pledges full support for G20

By Na Jeong-ju Staff reporter President Lee Myung-bak pledged Wednesday to provide full support for G20 member nations to help narrow differences as they start working-group meetings in preparation for the Seoul summit slated for November. “Korea will spare no effort to mediate between developed, developing and underdeveloped countries,” Lee said at the first G20 sherpa meeting for the Seoul summit, which has been underway here since Monday and will end Thursday. “All Korean people, including me, are fully committed to ensuring a successful hosting of the summit.” Encouraging the participants, Lee stressed that the working-group talks will pave the way for higher-level consultations in the coming months, according to presidential spokeswoman Kim Hee-jung. “The success of the Seoul summit depends on you. Your role is very important,” Lee was quoted as saying. About 100 people, including the sherpas of the G20 nations as well as representatives from international organizations participated in the meeting. The G20 will hold a series of such gatherings in the coming month

Study Korea emerges as new national brand

By Ahn Byong-man Minister of Education, Science and Technology Korea is emerging as the "land of opportunity" for many foreign students. The number of foreign students enrolled in Korean universities stood at 75,000 as of 2009, up by 19 percent year on year. This is a four-fold increase from a mere 17,000 in 2004 when the government began keeping records. Korea can expect many positive effects from attracting foreign students including the cultivation of excellent human resources overseas, creation of economic value added and nurturing of Korea-friendly leaders of foreign countries. Korea, the 15th largest economy in the world, joined the Development Assistance Committee last year, making it the first country in the world to turn itself from a recipient to a donor of assistance, and it is being recognized by the World Nuclear Association as the world's fifth largest exporter of nuclear power plants. On top of that, Korea has shown the fastest recovery from the global financial crisis among OECD countries and has recently been selected to host and chair the 5th G20 Su

An employee of Kumho Engineering & Construction ..

Shared Growth picked as G20 Seoul slogan

By Cho Jin-seo Staff reporter “Shared Growth Beyond Crisis” has been selected as the official slogan of the G20 Seoul Summit to be held on Nov. 11 and 12. Sakong Il, chairman of the G20 preparation committee, said Tuesday that the Seoul summit will focus on the balanced growth of developed and developing nations. The G20 will invite representatives from low-income nations as observers to the summit, he said. “We are trying to embrace non-G20 nations as well,” Sakong said during a news conference in Seoul. “In Seoul, we will produce solutions on economic development and create a global financial safety net. We want to call that a ‘Korean initiative,”’ he said. The G20 meeting of national leaders was initiated in 2008 in the United States in response to the global financial crisis. Over the past two years, the 19 member nations and the European Union have been discussing ways to improve the financial industry and to stimulate the global economy. Some believe that the meeting has been losing steam this year as the economy of most nations has recovered from recessions.

Children practice road safety as part of the 2010 ..

POSCO Chairman Chung Joon-yang, left, shakes hands with ..

POSCO teams up with Jilin: POSCO Chairman Chung Joon-yang, left, shakes hands with Jilin Governor Wang Rulin after signing an MOU in Jilin Province, China, Monday. The two agreed to cooperate in the steel, auto and construction sectors. / Courtesy of POSCO

Iron and steel helped Korea’s industrial takeoff

By Ahn Choong-yong Distinguished Professor, Chung-Ang University / Foreign Investment Ombudsman In the early 1960s, Korea was targeting the establishment of the “Integrated Plant for Iron and Steel Production” strategy, not exactly a conceivable concept for an agrarian economy like Korea which at that time lacked capital, technology, manpower, and iron ore deposits. As a typical poverty stricken economy, Korea had yet to experience a simple transition from less to more skill and capital-intensive industries. Nevertheless, during the compressed industrialization process, Korea has evolved from less to more complex industries in a non-linear fashion. For example, the history of Korea’s iron and steel development proves to be a truly exceptional success story. Within a matter of four decades, Korea’s iron and steel sector emerged to become one of the most successful and efficient in the world. How was this seemingly unthinkable venture conceived, who initiated this infeasible task, and what were the challenges Korea faced? Visionary political and managerial leadership enabled the

Choi Byung-goo, fourth from left, of Hyundai Heavy Industries,

Kim Dong-soo, left, chairman and CEO of the Export-Import ..

Some 1,100 branch managers of Shinhan Bank listen to a ..