● President Park proposes ‘creative economy’ for job creation
President Park Geun-hye put forth new solutions to low growth and imbalance facing the global economy at the G20 Summit which took place in St. Petersburg, Russia from September 5 to 6.
World leaders participate in the second session of the G20 Summit held in St. Petersburg, Russia on September 6 (photo: Cheong Wa Dae).
At the September 5 opening session under the theme “The Growth of the Global Economy,” President Park emphasized that a stimulus program exit strategy with the planned reduction of quantitative easing might cause “negative repercussions” on developed nations such as financial instabilities if struck without taking into consideration the financial situation faced by emerging economies, while acknowledging such an exit plan would help get the global economy back on track.
President Park Geun-hye (second from left) listens during the second session on September 6
(photo: Cheong Wa Dae).
☞ Full Text of Article ● Park Calls for G20 to Cooperate on Mutual Growth
President Park Geun-hye attends the opening session of Group of 20 Summit in St. Petersburg, Russia, on September 5 (photo: Cheong Wa Dae).
President Park Geun-hye stressed the importance of cooperation to the Group of 20 nations and a sense of joint community to seek mutual growth, at the G20 Summit in St. Petersburg, Russia.
“In a situation where global economies move in gear with each other … G20 members should step up cooperation among under a sense of joint community,” Park said during the September 5 opening session under the theme “The Growth of the Global Economy.”
Speaking of the looming possibility of a stimulus program exit strategy with the planned reduction of quantitative easing by the U.S. Federal Reserve and growing financial instability faced by emerging economies as a result, Park pointed out that advanced economies should take into consideration difficulties faced by emerging economies with “a sense of joint community” and cooperate to minimize them.
In relation to the issue, Park suggested three policy directions for G20 nations.
First of all, proposing the strengthening of a risk management system in the international financial market, Park said that developed economies must take into account the negative impact that changes in their monetary policies would have on their emerging counterparts, as well as the global economy and financial market. The president also said emerging economies must work harder to improve their macroeconomic health in an effort to ease external shock.
Secondly, Park called for the importance of fiscal soundness to achieve sustainable growth and market confidence and stressed that now G20 nations must strive further to fulfill their promises in light of the announcement of their mid-term fiscal soundness strategy for after 2016.
The president also emphasized a concerted effort on international tax avoidance issues, mentioning that Korea will participate in implementing agreements to be made at the G20 meeting.
Thirdly, Park urged G20 members to work toward structural reforms and promoting free trade for mutual growth. In particular, the president stressed that free trade is a more significant policy at a time when there is a need for boosting growth potential globally and that trade expansion is a “win-win policy” that involves little cost as it does not cause credit bubbles or hurt fiscal health.
Park also expressed support for host Russia’s call for extending the “standstill” on trade protectionism until 2016 and suggested that they strengthen monitoring of its implementation.
In addition, Park pointed out that developing countries should see tangible results in development issues and that Korea will tap its own development experience and contribute to the execution of promises of developing human resources and building infrastructure as part of new action plans.
*G20 LEADER'S DECLARATION
☞ Full Text of Declaration
President Park Geun-hye and Russian President Vladimir Putin had a summit meeting on September 6
(photo: Cheong Wa Dae).
President Park Geun-hye and Russian President Vladimir Putin had a summit meeting on September 6 to discuss various topics of mutual interest such as ways to bolster bilateral economic cooperation as well as cooperation in the Far East region.
“Enhanced cooperation in Eurasian countries has been an important priority to Korea’s government projects,” said Park during the afternoon meeting held at the International Media Center in St. Petersburg, Russia. “I, personally, have dreamed of a future in which we take a rail journey from Busan to Europe via Russia.”
Park added that this October Seoul will host an international conference on Eurasian cooperation and expressed her expectation for Russia’s participation. “I have heard that President Putin also has been paying attention to economic cooperation between Europe and Asia as well as development of Far East regions,” continued Park. “It will enhance Korea-Russia partnership and, furthermore, bring prosperity and peace to the Northeast region.”
President Putin revealed his gratitude for Korea’s active role in the ongoing G20 summit meeting. “Korea is one of our priority partners in Asia,” said Putin. “The total trade turnover between Russia and Korea amounts to USD 25 billion and it has gone up three percent more in the first half of this year. I am very happy to have a bilateral talk on these various topics.”
Park mentioned that the two nations’ relationship has progressed significantly since 1990 when diplomatic ties were established, saying that “the trade volume has been expanded 100 to 110 times more.”
“Yet, Russia and Korea have a lot to develop,” pointed out Park. “We have been influenced by North Korea’s nuclear armament and the situation on the Korean Peninsula. We should join together to overcome the problems and raise the bilateral relationship to a higher level.”
● President emphasizes cooperation with Russia
Captured images of President Park during an exclusive interview with Russia’s Itar Tass
President Park Geun-hye expressed her vision on bilateral relations with Russia at an interview with Russia’s leading news agency Itar Tass.
"Korea and Russia share mutually cooperative relations and the two countries can cooperate in many sectors," said President Park at the exclusive interview she had on September 2 at Cheong Wa Dae prior to her departure for Saint Petersburg, Russia, for the G20 Summit.
The interview was broadcasted by Russia's media outlets, including leading news channel Russia TV 24 on September 4 (Russian time).
"The two countries have advanced in bilateral relations in many ways since the establishment of the diplomatic relationship in 1990, but the two sides can still make greater progress through cooperation," said President Park in regard to Korea-Russia relations. "Russia is one of Korea’s most important partners in order to achieve peace on the Korean Peninsula and co-development in the Northeast Asian region."
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President Park Geun-hye held summit talks with Italian Prime Minister Enrico Letta on September 5 during her visit to the G20 Summit in Saint Petersburg, Russia.
This is the first bilateral summit President Park has had with a European leader since her inauguration. At the meeting, the two leaders acknowledged the cooperative relationship between their countries which made progress in politics, economy, and culture.
President Park Geun-hye (left) shakes hands with Italian Prime Minister Enrico Letta at the Korea-Italy summit talks
on September 5 during her visit to Saint Petersburg, Russia, for the G20 Summit (photo: Cheong Wa Dae).
They discussed issues of common interest, including cooperation among small and medium-sized firms of the two countries in creative economy-related industries like textiles, design, and fashion, cooperation on North Korean issues, and the Asia-Europe Meeting (ASEM) Summit 2014 and Expo Milano 2015, both of which will take place in the Italian city of Milan.
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● President Park holds summits with Germany, Kazakhstan
President Park Geun-hye held summit meetings with German Chancellor Angela Merkel and Kazakhstani President Nursultan Nazarbayev on September 6 in Saint Petersburg, Russia.
At the meeting with the German leader, President Park discussed ways to enhance bilateral cooperation in economy, renewable energy, and cooperation between the small and mediums-sized firms of the two countries.
President Park Geun-hye (left) holds summit talks with German Chancellor Angela Merkel on September 6 in St. Petersburg, Russia (photo: Cheong Wa Dae).
The president emphasized a future-forward cooperative relationship between Korea and Germany, while mentioning various events held by the two countries this year to celebrate the Korea-Germany diplomatic relationship which marks its 130th year and the 50th anniversary of the dispatch of Korean miners to Germany.
President Park also proposed to extend bilateral cooperation and exchanges in many areas, including the renewable energy sector, to pursue the goal of a creative economy, one of the administrative priorities of the Korean government.
Chancellor Merkel accepted President Park’s proposal and expressed her support for the president’s North Korean policy vision of the Korean Peninsula trust-building process.
After the Korea-Germany summit, President Park had a summit meeting with Kazakhstani President Nursultan Nazarbayev, the first summit she held with the leader of a Central Asian country since her inauguration.
President Park Geun-hye (left) shakes hands with Kazakhstani President Nursultan Nazarbayev
on September 6 in St. Petersburg, Russia (photo: Cheong Wa Dae).
At the meeting, President Park called for strong cooperation and the support of the Kazakhstani government for ongoing development projects carried out by Korean firms in Kazakhstan.
Both leaders agreed to deepen the strategic partnership between the two countries by extending investments, support, and exchanges. President Park said she will consider visiting Kazakhstan in the future, as President Nazarbayev invited her to visit his country.
The Kazakhstani leader said that Kazakhstan’s decision to give up its nuclear weapons contributed to world peace and won the support of the international community, which serves as a driving force to lead the development of his country and maintain the trust of the international community.
● President Park meets UN chief Ban Ki-moon at G20 Summit
President Park Geun-hye met with UN Secretary General Ban Ki-moon on September 5 during her visit to Saint Petersburg, Russia, for the G20 Summit. At the meeting, the two leaders discussed international issues, including the Syrian crisis and North Korean issues. Ban expressed his thanks for Korea’s latest decision to provide humanitarian support for North Korea through the World Health Organization.
