Summit diplomacy has been key to economic recovery

Summit diplomacy has been key to economic recovery

President Lee Myung-bak has made over 20 overseas visits and has invited more than 50 foreign heads to Seoul over the past two years since he took office on Feb. 25, 2008, according to the 48th emergency economic council held at the Korea Development Institute on Thursday (Feb. 25).


The meeting, presided over by President Lee, took place on the day marking the second anniversary of Lee’s inauguration.

At the meeting, five ministries -- the Ministry of Foreign Affairs and Trade, the Ministry of Strategy and Finance, the Ministry of Knowledge Economy, the Ministry of Land, Transport and Maritime Affairs, and the Ministry for Food, Agriculture, Forestry and Fisheries -- reported Lee administration’s diplomatic achievements made in the past two years.

President Lee’s visits to four major powers surrounding the Korean Peninsula -- the United States, Japan, China and Russia -- and other Asian countries have strengthened Korea’s strategic cooperative relationships with its neighbors, and other visits took Lee to Latin America, the countries in the Pacific and the Middle East, the ranking officials present at the meeting said.

Such active summit diplomacy has not only helped Korea recover from the economic crisis earlier than others, but has also laid the groundwork for the country’s sustainable economic development, the officials explained.

Lee administration stabilized the domestic financial market by arranging currency swap deals with the United States, Japan and China, and elevated Korea’s stance into the center of the world economy by hosting the fifth G20 meeting during Lee’s visit to Pittsburgh in September last year, they said.

The officials highly evaluated the nuclear energy development contract which Korea had clinched with the United Arab Emirates in December 2009. The contract is expected to increase exports of domestically developed nuclear technology in the future, they said.

Through the overseas visits, they said, President Lee expanded Korea’s export markets of high value-added products, such as Wireless Broadband (WiBro), DMB and IPTV, and wrapped up FTA negotiations with India and the European Union.

Meanwhile, President Lee at the council said that the Korean people’s dynamic nature had enabled the success of Korean athletes in Vancouver and led to top-rate products that Korean companies are selling worldwide. This dynamic nature should be properly utilized to foster the country’s economic growth, create more jobs and advance the date of the reunification of the two Koreas, he emphasized.