S Korea to come of age with G20 leadership
1/2/2010
As South Korea prepares this week to assume the presidency of the Group of 20 leading economies, officials in Seoul are eager to use the city’s rare foray into the international limelight to win acceptance as the capital of a developed economy.
“Korea will come into global focus as a host of the G20 summit and, by taking on that responsibility, will become a genuinely developed nation,” said Lee Myung-bak, South Korea’s president.
The presidency is a point of national pride for a country that was razed by war in the 1950s and had annual income per capita of less than $100 in the early 1960s. Income is now about $20,000 (€14,000, £12,500), and South Korea is among the world’s largest exporters and manufacturers.
Seoul’s mayor has proposed building a floating island in the middle of the Han river that bisects the capital as a venue for the November summit, which will coincide with ceremonies marking the 60th anniversary of the outbreak of the Korean war.
For those who know the country for its mighty Samsung Electronics and the world’s biggest shipbuilders, it may comes as a surprise to hear South Korean officials insist that they still have a toehold in the developing world.
Yet the United Nations Development Programme is closing its office in South Korea this week as the Asia-Pacific region’s fifth-biggest economy becomes recognised as an important international donor.
On the environmental front, diplomats reckon the successor to the Kyoto Protocol on carbon emissions will place South Korea among the developed economies required to cut CO2 output, unlike developing countries that will be free of such commitments. De-termined to lead the G20 by example, Seoul recently announced a 2020 target of cutting emissions by 4 per cent from 2005 levels.
South Korea plans to tap its transitional status as it steers the G20. “Korea hopes to act as a bridge between advanced and developing countries,” said Kim Young-hak, vice-minister for trade, energy and resources at the ministry of knowledge economy.
Kim said Seoul’s G20 presidency would try to reconcile differences between rich and poor nations on when to implement exit strategies from economic stimuli, and would seek ways to avoid protectionism and explore more environmentally friendly economic practices.
Other officials have said South Korea will lead the G20’s efforts to lessen market volatility caused by speculation.
Some bankers and diplomats say South Korea is more interested in the kudos of G20 leadership than focusing on financial policy. “As far as they are concerned, they have already been successful,” said one senior foreign banker.
1/2/2010
As South Korea prepares this week to assume the presidency of the Group of 20 leading economies, officials in Seoul are eager to use the city’s rare foray into the international limelight to win acceptance as the capital of a developed economy.
“Korea will come into global focus as a host of the G20 summit and, by taking on that responsibility, will become a genuinely developed nation,” said Lee Myung-bak, South Korea’s president.
The presidency is a point of national pride for a country that was razed by war in the 1950s and had annual income per capita of less than $100 in the early 1960s. Income is now about $20,000 (€14,000, £12,500), and South Korea is among the world’s largest exporters and manufacturers.
Seoul’s mayor has proposed building a floating island in the middle of the Han river that bisects the capital as a venue for the November summit, which will coincide with ceremonies marking the 60th anniversary of the outbreak of the Korean war.
For those who know the country for its mighty Samsung Electronics and the world’s biggest shipbuilders, it may comes as a surprise to hear South Korean officials insist that they still have a toehold in the developing world.
Yet the United Nations Development Programme is closing its office in South Korea this week as the Asia-Pacific region’s fifth-biggest economy becomes recognised as an important international donor.
On the environmental front, diplomats reckon the successor to the Kyoto Protocol on carbon emissions will place South Korea among the developed economies required to cut CO2 output, unlike developing countries that will be free of such commitments. De-termined to lead the G20 by example, Seoul recently announced a 2020 target of cutting emissions by 4 per cent from 2005 levels.
South Korea plans to tap its transitional status as it steers the G20. “Korea hopes to act as a bridge between advanced and developing countries,” said Kim Young-hak, vice-minister for trade, energy and resources at the ministry of knowledge economy.
Kim said Seoul’s G20 presidency would try to reconcile differences between rich and poor nations on when to implement exit strategies from economic stimuli, and would seek ways to avoid protectionism and explore more environmentally friendly economic practices.
Other officials have said South Korea will lead the G20’s efforts to lessen market volatility caused by speculation.
Some bankers and diplomats say South Korea is more interested in the kudos of G20 leadership than focusing on financial policy. “As far as they are concerned, they have already been successful,” said one senior foreign banker.
“It’s like when Korea was awarded the Olympics - it’s a symbol.” Diplomats say they have been impressed by the responsiveness of South Korean officials to adapt quickly to roles they have never held before, but say weak English skills are slowing preparations as the Koreans seek to handle communications in writing rather than orally.
Kim said South Korea was fully aware of its G20 responsibilities. “We are willing to take the initiative in discussions,” he said.
The G20 presidency comes amid Lee’s drive to create a national brand for a country that many people dismiss as a “little China” or “little Japan”. So far the campaign has focused on “soft power” - exporting Korean music, film and cuisine.
http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=January2010&file=Business_News2010010284256.xml
Kim said South Korea was fully aware of its G20 responsibilities. “We are willing to take the initiative in discussions,” he said.
The G20 presidency comes amid Lee’s drive to create a national brand for a country that many people dismiss as a “little China” or “little Japan”. So far the campaign has focused on “soft power” - exporting Korean music, film and cuisine.
http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=January2010&file=Business_News2010010284256.xml
Link ~
