Good morning, my fellow Koreans,

A bigger typhoon than the recent Typhoon Bolaven is coming up the Peninsula now. Even before farmers and fishermen have recovered from the losses incurred from the string of recent typhoons, yet another major storm is descending on the country, raising much concern.

Damage from the last typhoon could be reduced because preparations had been made relatively well. This time again, all relevant government workers and municipalities as well as farmers and fishermen have to pull together to be thoroughly prepared.

I have just returned from a weeklong tour of four countries. I embarked on the trip on September 7 to attend the 20th APEC Economic Leaders’ Meeting in Vladivostok, Russia and subsequently visited Greenland, Norway and Kazakhstan.

The day before I left on the tour, Fitch Ratings raised Korea’s sovereign rating to AA following an upward adjustment by Moody’s Investors Service. On the plane coming back home last Friday, I was told the good news that Standard & Poor’s, which is the most conservative international credit rating agency, upgraded Korea’s rating to A+. The rating given Korea by Fitch is the seventh highest among the G20 member countries and higher than that of Japan and China.

As the Korean economy is poised to join the ranks of advanced countries in earnest, my recent tour served as an opportunity to envision a Korean Route that the Republic of Korea will newly pioneer in the future and lay a new platform for further progress.

At the APEC Economic Leaders’ Meeting this time, the participating leaders discussed how to promote free trade and investment in the Asian-Pacific region and how to cope with global crises such as food security.

Following the APEC Meeting, I visited Greenland, an autonomous region in the Kingdom of Denmark. Together with the ice caps that have stacked up over hundreds of thousands of years, crystal-like icebergs were floating on the cobalt-blue sea of Greenland in the Arctic. They were truly beautiful beyond description.

The region, however, also represents the very risks posed by climate change; the Arctic ice is melting because of the effects of global warming. As the ice thaws, many large countries and big businesses are swarming to Greenland, a territory a whopping ten times bigger than the Korean Peninsula with a meager population of only about 60,000.

According to the findings by the United States Geological Survey, approximately 22 percent of untapped natural resources in the world are under the Arctic Circle. Notably, it is estimated that there are deposits of roughly 13 percent of crude oil and 30 percent of natural gas.

If various mineral resources, including rare earth elements, are developed, the people of Greenland might become better off, but to the detriment of their inherent lifestyle and culture. As a result, sometime in the future they might yearn for the good old days when the environment was still pristine.

Crown Prince Frederik of Denmark, who accompanied us, noted that he wanted countries like Korea to advance into Greenland to engage in development projects that take careful consideration of the preservation of the environment. In response, I said that I visited Greenland with the spirit of green growth.

This time we entered into an arrangement for collaboration on resource exploration and a geological survey with the Greenland Home Rule Government that has an independent development right. By doing so, we paved the way for the next Administration to embark on the exploration and development projects in earnest.

The Arctic Sea route that passes through Greenland is expected to play a revolutionary role, equivalent to the Suez Canal, in terms of global logistics and distribution. This will present a significant opportunity for Korea. Compared to existing routes, the Arctic Sea route will help reduce the travel distance by 40 percent curtailing the time to less than 20 days from 30 days.

Last year, Korea forged a green alliance with Denmark, which is in charge of Greenland’s foreign affairs and national defense matters. The alliance presented us with an opportunity to blaze a new trail, the Korean Route, leading to the Arctic.

If the Arctic Sea route, which went into pilot operation in 2009, is invigorated, it, along with the Korea-EU FTA, would add great momentum to Korean business activities. When that happens, Busan Port will also emerge as a pivotal port in Asia.

Norway, where I visited after Greenland, is one of the richest nations in the world with a per capita GDP of US$100,000. On top of this, the nation is also setting a good example in upholding the universal values of development cooperation, global peace and environmental preservation.

In my address at the University of Oslo, I emphatically noted, "Humanitarian values being practiced by Norwegians coincides with the aims of the Republic of Korea, which has traditionally carried out its founding principle of ''broadly benefiting all peoples.''" To become an advanced nation in name and substance, it is necessary for a nation to emerge as a powerful advocate of universal values as Norway has, going beyond simply becoming an economic powerhouse. 

At the summit I had with Prime Minister Stoltenberg, the two of us decided to expand collaboration in the field of shipbuilding and marine engineering, especially taking advantage of Norway’s deep sea technology, which is the best in the world. Norway promised to support Korea’s bid to become a permanent observer member of the Arctic Council at its meeting next year. As a permanent observer, Korea will be in a favorable position to participate in developing resources in the Arctic region.

Then I went to Kazakhstan at the special invitation of President Nazarbayev and attended the groundbreaking ceremony of the coal-powered Balhash Thermal Power Plant, which is the largest project of economic cooperation between the two countries. This is an exclusive contract for a US$4 billion mega-project that Korea won after heated competition with China to the last minute.

Kazakhstan is a country that has all kinds of natural resources, ranking ninth globally in oil deposits and second in uranium reserves. On the occasion of my visit, the two countries agreed to embark on the construction of the US$4 billion Atyrau petrochemical complex as early as possible. We agreed to begin exploration of the Zhambyl oil field in the Caspian Sea in earnest in the early part of 2013 as well.

At the same time, Korea needs to work together with Kazakhstan in preparation for a possible food crisis in the future as it is the 10th biggest exporter of wheat in the world.

Through strengthening of mutual cooperation with Astana emerging as the hub of Central Asia, Korea aspires to open the Korean Route stretching from Seoul to the entire Eurasian continent, including the Central Asian region.

My fellow citizens,

In a rare example this year, Korea’s sovereign credit ratings have been raised while those of some advanced countries were downgraded. In a matter of just 19 days, the three major international credit rating companies upgraded Korea’s status, enabling the Republic to achieve a fiscal grand slam. As the result of the action, the country is now able to save US$400 million annually in interest expenses. It will also have a great intangible effect on the Korean economy by boosting confidence in and the image of Korean products and services.

This was possible because the Government, entrepreneurs, workers and all the citizens joined forces and worked hard together under difficult conditions. I am grateful to all the Korean people for that.

To become an advanced nation in name and substance, we still have many mountains ahead of us that should be tackled. But as long as we continue to exhibit creativity and the spirit of challenge, we will pioneer a path that no one has traveled—the Korean Route—that will lead us to a Greater Republic of Korea.

Thank you very much.