President Lee Myung-bak Monday indicated the important role of international economic cooperation in forums like the G-20, Monday, in not only protecting Korea but also finding long term solutions to global financial instability, particularly Europe’s sovereign debt crisis.
"We have surmounted the previous global financial crisis in the fastest and most successful fashion in the world,” Lee said in a radio address.
Lee is expected to go to Cannes, France, Nov. 3-4 for the G-20 Summit. Korea hosted the G-20 summit in 2010 and Mexico will host it in 2012.
The Cannes Summit has three basic aims: to support the global economic recovery, find new ways of financing and to suppress large-volume commodities' price hikes.
Lee said that the government will also closely monitor the external economic situation, with special emphasis on ensuring fiscal and external financial soundness.
Ahead of the global summit in November, Lee issued a joint letter with leaders from five G20 member nations, including Australia, Canada, Indonesia, Mexico and the United Kingdom, on Sept. 21 calling for a G20-coordinated response “to effectively deal with current global economic difficulties including high public debt, financial market instability and economic slowdown.”
Lee outlined how Korea will protect itself from global financial instability through multilateral economic cooperation while he mounted a robust defense of the economy against public anxiety over the country’s finances.
“I can assure you that the Korean economy is strong enough for our people to have confidence."
Lee said South Korea's economy is in good shape, with its national debt low and exports high. He emphasized the need for confidence and a positive public sentiment.
“The country's national debt is 33 percent of its GDP. That is less than a third of the average 98 percent of the members of the rich nations' club of the Organization of the Economic Cooperation and Development,” Lee said.
Lee also stressed that the nation’s current account balance is in the black due to robust exports, a result of efforts by local companies to diversify export markets to lessen dependence on exports to advanced countries.
Exports to emerging markets now account for 73 percent of total exports, up from 51 percent in 2001, he said.
Lee said that trade volume is expected to top $1 trillion this year, but added that the psychology of the people also matters. “Some people refer to the recent crisis as a crisis of confidence. In order to overcome this crisis of confidence, we need to have confidence in ourselves.”
"It would not be desirable for the nation to be overwhelmed by a crisis mentality," Lee said.
"On the other hand, we do need to be conscious of the crisis situation, realize the stark reality and get ready to cope with any circumstance. Nevertheless, we should not lose our sense of balance."
Source: www.koreatimes.co.kr
"We have surmounted the previous global financial crisis in the fastest and most successful fashion in the world,” Lee said in a radio address.
Lee is expected to go to Cannes, France, Nov. 3-4 for the G-20 Summit. Korea hosted the G-20 summit in 2010 and Mexico will host it in 2012.
The Cannes Summit has three basic aims: to support the global economic recovery, find new ways of financing and to suppress large-volume commodities' price hikes.
Lee said that the government will also closely monitor the external economic situation, with special emphasis on ensuring fiscal and external financial soundness.
Ahead of the global summit in November, Lee issued a joint letter with leaders from five G20 member nations, including Australia, Canada, Indonesia, Mexico and the United Kingdom, on Sept. 21 calling for a G20-coordinated response “to effectively deal with current global economic difficulties including high public debt, financial market instability and economic slowdown.”
Lee outlined how Korea will protect itself from global financial instability through multilateral economic cooperation while he mounted a robust defense of the economy against public anxiety over the country’s finances.
“I can assure you that the Korean economy is strong enough for our people to have confidence."
Lee said South Korea's economy is in good shape, with its national debt low and exports high. He emphasized the need for confidence and a positive public sentiment.
“The country's national debt is 33 percent of its GDP. That is less than a third of the average 98 percent of the members of the rich nations' club of the Organization of the Economic Cooperation and Development,” Lee said.
Lee also stressed that the nation’s current account balance is in the black due to robust exports, a result of efforts by local companies to diversify export markets to lessen dependence on exports to advanced countries.
Exports to emerging markets now account for 73 percent of total exports, up from 51 percent in 2001, he said.
Lee said that trade volume is expected to top $1 trillion this year, but added that the psychology of the people also matters. “Some people refer to the recent crisis as a crisis of confidence. In order to overcome this crisis of confidence, we need to have confidence in ourselves.”
"It would not be desirable for the nation to be overwhelmed by a crisis mentality," Lee said.
"On the other hand, we do need to be conscious of the crisis situation, realize the stark reality and get ready to cope with any circumstance. Nevertheless, we should not lose our sense of balance."
Source: www.koreatimes.co.kr
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