The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    US urged to respect Korea's position amid US-China chip war

  • 3

    Chinese carmakers challenge Hyundai Motor, Kia in global markets

  • 5

    Calls grow for regulations on AI technology on webcomics

  • 7

    CJ, Shinsegae study temple food to expand vegan lineup

  • 9

    Mexico president eyes deals with China, Korea to combat fentanyl

  • 11

    Africa Day celebrated in Korea with book talk

  • 13

    Russia's Lavrov tells China envoy 'serious obstacles' to Ukraine peace

  • 15

    1 in 6 N. Korean children under 5 suffer from stunted growth: report

  • 17

    INTERVIEWKorean chef aims to change Hong Kong's dining scene

  • 19

    US diplomat to visit Korea for anti-proliferation meeting

  • 2

    Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases

  • 4

    Korean culture as the solution

  • 6

    Temples celebrate Buddha's birthday

  • 8

    China, Korea agree to strengthen talks on chip industry: Chinese commerce ministry

  • 10

    Biden says debt default deal 'very close' while deadline now set at June 5

  • 12

    Synth pop regains popularity with K-stars, riding retro boom

  • 14

    ChatGPT: boon or bane for banking industry?

  • 16

    Tech leads more gains on Wall Street

  • 18

    Presidential office denies Japanese news report on Yoon's possible visit to Ukraine

  • 20

    Bernadou's travels in Korea in 1884 Part 4 - Gaeseong's passive defiance

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Mon, May 29, 2023 | 02:08
Business
Seoul Selected as Venue of G-20 Summit in 2010
Posted : 2009-11-06 17:58
Updated : 2009-11-06 17:58
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
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.

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
 
wooribank
Top 10 Stories
1ChatGPT: boon or bane for banking industry? ChatGPT: boon or bane for banking industry?
2Man arrested for opening airplane emergency exit during flightMan arrested for opening airplane emergency exit during flight
3Labor unions seek to attract migrant workers at shipyards Labor unions seek to attract migrant workers at shipyards
4Korea walks fine line between US, China in chip warKorea walks fine line between US, China in chip war
5Jeju-based shamanism researcher documents connection between humans, crows Jeju-based shamanism researcher documents connection between humans, crows
6POSCO named sustainability champion for 2nd consecutive year POSCO named sustainability champion for 2nd consecutive year
7[RAS KOREA] Preserving memories at Cheongju City Archives RAS KOREAPreserving memories at Cheongju City Archives
8Hyundai Steel receives EPD certification for low-carbon H-beam products Hyundai Steel receives EPD certification for low-carbon H-beam products
9Gov't moves to assist 3,400 Koreans stranded in typhoon-hit GuamGov't moves to assist 3,400 Koreans stranded in typhoon-hit Guam
105th Korean-German Energy Day5th Korean-German Energy Day
Top 5 Entertainment News
1Chun Woo-hee becomes chameleon con artist in 'Delightfully Deceitful' Chun Woo-hee becomes chameleon con artist in 'Delightfully Deceitful'
2Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases Stray Kids, NCT's Taeyong, ATEEZ gear up for June releases
3[INTERVIEW] 'No more part-time jobs': VANNER talks about life after winning 'Peak Time' INTERVIEW'No more part-time jobs': VANNER talks about life after winning 'Peak Time'
4Competing to get married? 'Physical:100' writer to roll out marriage survival show Competing to get married? 'Physical:100' writer to roll out marriage survival show
5Ma Dong-seok goes all out to create iconic action hero in 'The Outlaws' threequel Ma Dong-seok goes all out to create iconic action hero in 'The Outlaws' threequel
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

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
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group