The President, who is currently on a state visit to France for the Cannes G20 summit, urged for an expanded role of corporations in overcoming the current economic crisis through a keynote speech at the Business 20 summit on November 2.

At the business summit attended by some 350 chief executives from the world’s largest corporations and officials from governments and international organizations, the President made the appeal to the business leaders to increase investment in creative innovation and employment. The Korean leader, himself a CEO-turned=president, called on the importance of aspiring entrepreneurship and corporate social responsibility in times of worldwide economic turmoil.

The President said that corporations are expected to play greater roles in fostering economic growth and reviving the global economy, while pointing out the widening income gap and the persistent problem of youth unemployment.

The President also emphasized government-level planning to create a more business-friendly environment -- including market liberalization and deregulation -- that spurs corporations to focus more on their core business activities. During the presentation, the President referred to the example of his own administration’s efforts to improve the business environment in this direction, which resulted in a significant increase in rank on the ease of doing business index. In 2011, Korea ranked eighth on the World Banks’ annual report, rising from 23rd in 2008.

Moving on to the recent global financial crisis, which hit Europe and subsequently spread to other countries, the President made his position clear on the necessity for collective action and a global solution, noting the ripple effect on the global community. He reaffirmed that the G20 will collectively take action to draw a constructive counterplan during the Cannes Summit, just as it has led the recovery from the 2008 financial crisis through policy cooperation and financial supervision.

Moreover, the President stressed the importance of green growth and sustainability in the wake of recent climate change. He introduced how Korea has strived to achieve sustainable economic growth by developing low-carbon, eco-friendly industries, that boost economic growth and protect the environment at the same time, mentioning the administration’s Four Rivers Restoration Project.

The Business Summit format was first introduced at the Seoul G20 Summit held last November, with an aim to incorporate the business sector’s recommendations into the G20’s policy agenda. The President hoped that the initiative of putting forward active involvement of the business community’s expertise and public-private interaction through Business 20 would continue in the upcoming G20 Summit in Mexico, slated next June.

By Hwang Dana
Korea.net Staff Writer