The President on Saturday (Nov. 14) stressed the importance of APEC''s role in realizing sustainable and balanced economic development of the region and deterring trade protectionism. The Asia-Pacific region makes up 45 percent of global trade and 53 percent of total global GDP. 
 
President Lee was taking part in the APEC Business Advisory Council (ABAC) meeting at the 17th APEC Summit, which is being held in Singapore on Nov. 14 and 15. The theme of this year''s APEC summit is “Sustaining Growth, Connecting the Region.”

At the meeting the president said it is necessary for the G20 and APEC to come together to overcome the economic crisis and set up new directions for development. The president further stressed the need to turn toward a low carbon, green growth policy and explained Korea''s own green growth strategy. Lee added it is important to encourage the voluntary participation of developing nations for the success of the United Nations Climate Change Conference in Copenhagen in December this year.
 
President Lee also held in-depth talks with CEOs from the Asia-Pacific region. The business representatives expressed great interest in various issues related to the economy, namely a speedy recovery from the crisis, negotiations for the Doha Development Agenda, economic integration beyond borders, energy security, climate change and the activation of foreign investment.

Other leaders elaborated on the policies of their respective countries in relation to these issues. Russian President Dmitry Medvedev and Vietnamese President Nguyen Minh Triet, who sat at the same table with President Lee, explained the FTAAP, a free trade area within the Asia-Pacific region.

That evening President Lee attended a Korean night in Singapore and met with some 30 Korean businessmen and representatives of the Korean community there, including Korean language teachers.
 
At the gathering President Lee said that Korea and Singapore have been maintaining close ties, not only in the areas of economy and trade, but also in politics and security.
 
The Korean community, meanwhile, elaborated on the growing popularity of Hallyu, or the Korean Wave in Singapore through TV dramas and food. Community members called for the Korean government to consider opening a Korea culture center and improve conditions for businessmen or diplomats staying in Singapore. President Lee promised to look into the matter. There are some 15,000 Koreans living in the island city state.