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Seoul confident in success of G20 summit

(Xinhua)
Updated: 2009-03-26 11:12

SEOUL -- South Korean senior government official said Wednesday that the government is highly confident in the success of the upcoming Group of 20 (G20) summit talks.

This March 11, 2009 file photo shows Sakong Il (L), South Korea's presidential envoy and chairman of the G20 Summit Korea Coordinating Committee shaking hands with Japanese Prime Minister Taro Aso prior to their talks at Aso's office in Tokyo. [Agencies]

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Sakong Il, who currently chairs South Korea's G20 Summit Coordinating Committee, said during a press meeting that he is confident that the meeting will be successful in terms of settling down on concrete, deliverable measures to tackle the current global financial downturn.

The G20 meeting, which is set to be kicked off on April 2 in London, will also be meaningful in that it represents more countries, which take up more than 85 percent of the global gross domestic products (GDP), and that a follow-up meeting is likely to be confirmed, the chairman said.

According to Sakong, the upcoming London summit will mostly deal with the member nation's concerted efforts to cope with the global economic slump. As a member of the 2009 G20 management troika, the country plans to set up an agenda that includes various issues, including fiscal stimulus policies, principles on impaired assets, assistance on emerging economies, standstill on protectionism, and financial regulatory system revamp, he said.

The chairman also highlighted that South Korea has much to contribute to the outer world amid the global downturn, including experiences of bad asset pricing and bank recapitalization, as it previously went through a similar, though simpler, crisis

He also lauded the Chinese government's current efforts to boost the domestic demand,saying it is highly helpful in adjusting the global imbalance, which he found to be main factor of the economic crisis.

South Korea currently sits as a member of the 2009 G20 management troika, along with the United Kingdom and Brazil, and is to chair the group in 2010.