President of the Republic of Korea Lee Myung-bak conducted "business diplomacy" at the 16th APEC Economic Leaders' Meeting held in Lima, Peru. He held his first summit talks with resource-rich nations in Latin America, such as Brazil, Peru, Colombia and Chile, while consolidating the foundation for Korean enterprises to advance into South American markets. As a former corporate CEO himself, President Lee focused on economics and business during his summit talks.

At the APEC meeting, President Lee made his voice heard clearly as the leader of a newly emerging economy in efforts to seek international cooperation to overcome the worldwide financial crisis. He won consensus from the participating countries in these two summit rounds. Moreover President Lee found a breakthrough for the six-party nuclear talks, which had been stalemated, by holding summit talks with U.S. President George W. Bush and Japanese Prime Minister Taro Aso on the sidelines of the APEC summit.

"Business diplomacy"

President Lee conducted substantial business diplomacy and succeeded in consolidating the foundation for Korean enterprises can venture into the South American markets, in his summit talks with the leaders from South American nations.

In separate person-to-person talks with the Brazilian, Peruvian and Colombian presidents, President Lee formally asked them to permit Korean enterprises to participate in large-scale projects, such as construction of nuclear power plants, development of oil fields, and laying of high-speed railways.

During the summit meeting with Peruvian President Alan Garcia held on Nov. 21, President Lee asked the Peruvian President for support to Korean businesses, mentioning the Korean enterprises operating in Peru.

At the summit, president Lee asked President Garcia and the Peruvian government to give special support to Korean enterprises, mentioning SK, Samsung Electronics, LG Electronics, Doosan Heavy Industries and the Korea National Oil Corporation. In a summit meeting with Chilean President Michelle Bachelet held on Nov. 23, president Lee also conducted sales diplomacy for Korean firms which are related to power generation and super-speed Internet projects to advance into the Chilean market.

Furthermore, President Lee agreed with his Peruvian counterpart to hold talks next year to conclude a Korea-Peruvian free trade agreement (FTA). He also agreed with his Brazilian counterpart to continue discussion on the conclusion of an FTA between Korea and MERCOSUR (Southern Common Market, a regional trade agreement in South America) member countries.

Korea's status as a newly emerging economy in multilateral diplomatic forum

President Lee drew attention as the leader of a newly emerging economy in multilateral diplomatic forums, such as the G20 summit and APEC heads meeting. He made clear his opposition to the possible of return of trade protectionism. His rationale was so widely accepted that his anti-protectionist view was reflected in the statements issued following the G20 summit and the APEC meeting.

President Lee stressed the need to galvanize of domestic business by increasing government spending and cutting taxes, giving special consideration to small- and medium-sized enterprises, and by seeking regional and international cooperation. And He also highlighted the necessity for working out unprecedented measures to tackle  such as unexpected crisis.

First meeting with Obama staff

In Washington on Nov. 14, president Lee met with former U.S. secretary of state Madeleine Albright and Jim Leach, former chairman of the U.S. House Subcommittee on Asian and Pacific Affairs, who were U.S. President-elect Barack Obama's representatives to the G20 summit. They exchanged views on matters of mutual concern, including ways to overcome the global financial crisis.

President Lee also held a meeting on foreign and security issues with senior researchers of the Brookings Institution, a think tank closely linked to the U.S. Democratic Party.

On the sidelines of the APEC Economic Leaders' Meeting, President Lee held summit talks with U.S. President Bush and Japanese Prime Minister Aso, in which the three leaders reaffirmed cooperation on finding solutions to the North Korean nuclear issue and dealing with the global financial crisis. They agreed to hold the next round of six-party talks, which had been stalemated, in early December.