The President Lee speaks about Korea''s hosting of a G20 meeting at a special press conference in Seoul on Sep. 30.

The Pittsburgh G20 summit in September marked a great turning point in the history of Korean diplomacy. The leaders gathered in the city agreed that the G20 summit meetings would work as a "premier forum" to coordinate international economic cooperation and decided to make the meeting an annual event. The first annual meeting of sorts has been decided to take place in Korea in November next year.

The G20 summit is a new steering committee to set the right direction for the global economy, and it replaces the G8 meeting, which used to play a similar role. The G20 meeting is also going to be a core organization to tackle such major global issues as energy, natural resources, climate change, global hunger and poverty.

Korea transformed from one of the poorest countries to a nation that helps to lead the international agenda in only half a century.

President Lee Myung-bak said at a special press conference in Seoul after his September trip to the United States, "Korea was a country which was satisfied with the role given it by the international community, but it has now become a nation that will lead the new formation of the international setting."

"Korea''s hosting of the G20 meeting implies that the country has advanced to the center of the global stage, moving away from being merely a remote region in East Asia. We have to contribute to the world''s development and enhance Korea''s branding at the same time by successfully hosting the forthcoming G20 summit," said the President.

Experts say that Korea will earn a maximum of US$500 million of economic benefit from playing host. Aside from the economic boon, Korea''s national status will also rise at the same time, they say. "The G20 hosting will have as big an effect as the 1988 Seoul Olympics. It is such a big diplomatic achievement for Korea," said Marcus Noland, Senior Fellow at the Peterson Institute of International Economics.

The Korean government is determined to make the best out of this great opportunity, which is at the same time a huge challenge.

As to chairing the G20 summit next year, President Lee said that he would try hard to coordinate national interests of the advanced and emerging economies at the same time, while emphasizing that Korea has a rich experience of having greatly developed itself in the past.

"As Korea''s international standing goes up, we are given a greater role and responsibility as well," the President said. Korea is not making its voice heard loudly enough considering its international economic standing, and it is now time to change and make efforts to lead international issues, such as inter-Korean problems, under our leadership, added the President.

Meanwhile, newly appointed Prime Minister Chung Un-chan said at his first Cabinet meeting (Oct. 6) since his inauguration that the government should mobilize all its resources and energies for the G20 meeting in November next year and made clear that the issue would be at the top of the government''s priority list.

Adapted from Weekly Gonggam Magazine