Distinguished ladies and gentlemen,

I wholeheartedly welcome all of you who are participating in Global Korea 2009. In particular, I would like to extend my sincere appreciation to the world-renowned scholars who came a long way from abroad for this conference.

In today’s gathering, participants will engage in discussions of the Republic’s current standing and role in the international arena as well as pool their wisdom in a bid to work out future directions and strategies for state administration.

I hope today’s conference will be able to produce tangible results through lively and unreserved discussions. I also hope all the participants will put forth constructive advice for the Republic as well as insightful ideas that will help our nation open a new chapter in the future.

Distinguished ladies and gentlemen,

Right now, the world is under the influence of an unprecedented economic crisis. With the global financial crisis having negative impacts on the real economy, economic growth in both the developed and developing countries is heading downward.

Various contingency measures are being taken by every country. However, a lack of confidence in the global financial market and uneasiness still remain. On top of this, the global consensus on the principles and directions that have so far guided the management of the global economy is now being shaken.

Particularly worrisome is the fact that there are signs that threaten to compromise the open economic system, which made possible the global prosperity in the wake of World War II. As the WTO Director-General Pascal Lamy has warned many times before, some countries are taking protectionist measures, solely considering their own industries and jobs. Still worse, we are witnessing a tendency toward financial protectionism that discriminates against other countries. 

Against this backdrop, we have to recall the fact that competitive protectionism during the Great Depression in the 1930s delayed economic recovery and prolonged the suffering of all peoples. This constitutes the background of my proposal of a “Stand-Still Declaration” at the G-20 meeting in Washington, which was urgently convened last November. The Declaration was intended to highlight the need to at least maintain the current level of economic openness.

I would like to reiterate the importance of this proposition. No country should be allowed to build up a protectionist wall under any circumstances. Nations should uphold the guiding principle of trade liberalization in the interest of revitalizing the world economy through more trade and investment. This principle must take precedence over other trade policies in all economies.

To this end, concerned parties may well expedite the World Trade Organization negotiations on the Doha Development Agenda and conclude the round once and for all, putting in place a stepped-up institutional foundation for liberalizing multilateral trade. I would like to take this opportunity to propose that all the members of the WTO join in resuming the negotiations without delay and speed up the process with the aim of reaching a compromise before the end of the year.

Distinguished ladies and gentlemen,

The world cannot afford to use the pretext of the global economic crisis to neglect other common international issues like climate change and poverty.

We should not procrastinate in taking drastic action any longer in response to climate change. We have to remember it is the poor nations that are inflicted with the most pain in the global economic crisis.

In this connection, I am reminded of the saying that friends in need are friends indeed, whether they are individuals or nations. The Republic of Korea is a typical country that has grown rapidly taking advantage of the open economic system. The country has transformed itself from a receiving country to a giving country. Korea is firmly committed to making contributions and playing international roles befitting its strength in the community of nations.

I am pleased to report to you that Korea has increased three-fold its assistance to developing countries since 2000. Economic difficulties notwithstanding, the country’s budget for development assistance for the current year has been increased. I hope that other leading countries that have made substantial international assistance all along will not reduce their foreign aid but at least maintain the current level.

If nations of the world get together and agonize over the problems plaguing humanity, they should be able to overcome the current economic crisis. If we were only concerned for national interests, the global crisis would be prolonged. If all of us share the pain and solidify international cooperation, we should be able to overcome the crisis swiftly.

Therefore, it is necessary to seek close international cooperation on monetary and financial policies with a win-win spirit. Countries should strengthen networks of bilateral or regional currency swaps, while international organizations, such as the IMF, should expand support for newly emerging nations and less developed countries.

At the same time, countries of the world need to pursue a “global deal” aimed at implementing policies of fiscal expansion to solve the worldwide economic recession and resolve massive layoffs. I am certain that if they achieve such a “global deal” through cooperation and joint efforts, nations around the world would be able to solve the current global financial crisis, because only a global policy will be effective in solving a global crisis.

Korea has already injected about 2.5 percent of its GDP—almost 4 percent, if the supplementary budget for the new year is included. I hope that countries of the world will present concrete plans for public investment at the upcoming G-20 summit in London in April and reach a practical agreement on a global deal.

Distinguished guests,

All economic crises come to an end, and we have hopes that we will see improvements soon. Despite the economic crisis, however, we cannot further delay preparations to deal with climate change, which will have enormous effects on the future of humankind.

At the expanded G-8 summit held in July last year, I declared that Korea would make leading contributions to efforts to respond to climate change. In my address marking the 60th anniversary of the founding of the Republic on August 15 last year, I presented a vision for “low carbon, green growth” as a new paradigm for national development.

Since early this year, as policies to give shape to such a vision, I set forth a Green New Deal policy worth 50 trillion won, announced measure to support R&D projects, put forth medium- and long-term policies for new growth engines, and launched a pan-government agency to accomplish these purposes.

But I do not think we can cope successfully with issues that affect all mankind, such as climate change, with efforts by a small number of countries alone. I believe that only when all countries join efforts can they create a green big bang, a new world order, under which economic growth can be pursued in harmony with environmental protection.

I stress once again that Korea will continue to lead green growth by efficiently coping with climate change and through the formation of the East Asia Climate Partnership with neighboring countries.

In this new world where coexistence and cooperation are valued, the security issue must be resolved through international cooperation and mutual assistance. Therefore, I urge the international community to show concern and support for a resolution to the North Korean nuclear impasse through the Six-Party Talks and to help North Korea become a responsible member of the international community by making right choices on its own.

Distinguished guests,

Korea transformed itself from one of the poorest, war-torn countries into an exemplary emerging nation through industrialization and democratization. Korea successfully overcame the foreign exchange crisis 10 years ago and has now become one of the G-20 chair countries. This means that Korea has received both opportunities and responsibilities to actively participate in creating a new world order of coexistence and coprosperity.

I am confident in saying that Korea’s experience in successfully recovering from the foreign exchange crisis, in particular, will greatly contribute to overcoming the current financial crisis and to the stabilization of the international financial system.

Ladies and gentlemen,

The current global financial crisis has provided us with a chance to look back on the paths we have traveled so far. We saw that labor was well compensated but the bubble was destined to burst. We saw that unbridled greed could cause pain. We came to understand that without the right labor and corporate ethics, there could be no fundamental cure.

I hope the economic crisis we are facing today will become an opportunity for us to reflect on ourselves and form the basis for a better society.

I hope Global Korea 2009 will become more than just a meeting in search of economic countermeasures, but rather a productive gathering to discuss and create a new way of life.

Thank you very much.