S. Korea likely to host G-20 summit next year: presidential adviser

By Lee Chi-dong
JEJU ISLAND, Aug. 12 (Yonhap) -- South Korea is likely to host a summit of the
world's 20 largest economies that is expected to be held next spring, a senior
economic policy aide to President Lee Myung-bak said Wednesday.

"Whether the fourth round of the G-20 summit will be held and its host will be
decided in the September summit in Pittsburgh. For now, chances are high that
South Korea will host it next spring," Sakong Il, who now serves as chairman of
the Korea International Trade Association, told Yonhap News Agency. He is
attending the fifth Jeju Peace Forum now being held on the island.
South Korea co-chaired the international forum held in London in April along with
Britain and Brazil under a troika system involving the past and future chairs of
the meeting of finance ministers and central bank governors from the 20 major
economies. Sakong worked as head of South Korea's presidential committee to
prepare for the London session after chairing a council of presidential
secretaries tasked with honing the nation's competitiveness in the economy and
other sectors.
The South Korean government has already expressed its desire to host the G-20
summit next year, when it holds the rotating chair of the meeting of finance
ministers from member countries.
"We put forward the idea after the second G-20 meeting in London. Many countries
supported it," he said.
He added that it would be reasonable for an Asian nation to play host to the
summit as the first one was held in the U.S., while the second one was in Europe
and the third in the U.S. again.
He noted the positive role of the G-20 formula to supplement the traditional G-7
or G-8 system, adding the broader summit is expected to be maintained for the
time being.
"The world has faced the worst crisis since the Great Depression in the 1930s. It
could have been more difficult if there had been no international cooperation and
active measures by each country," the veteran economist who served as Seoul's
finance minister from 1987-88 said. "The world has overcome the serious economic
and financial crisis relatively quickly as the most important 20 nations gathered
and reached consensus on international cooperation through the G-20 summit."
Sakong, however, reiterated his cautious outlook for the global economy.
"It is still too early to talk about the so-called exit strategy because
uncertainties linger," he said.
He cited the need for the recovery of private consumption and business investment
to buttress government-led stimulus measures.
lcd@yna.co.kr
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