"The most important players in reviving and energizing the economy are the enterprises," Lee said, addressing the top executives of about 120 global businesses in Seoul for the inaugural round of the G-20 Business Summit (B-20), a prelude to the two-day Group of 20 economic summit to open later Thursday.
This, Lee said, is why Seoul launched the high-profile forum of global CEOs in connection with the G-20 summit, which brings together the leaders of the world's leading high-income and emerging economies.
He pointed out that government-led economic recovery and growth have limits.
"Civilian participation is also inevitable in achieving balanced economic growth," he said.
Lee, who was once a business CEO himself before stepping into the political circles, called on firms to make more investments in poor nations.
"Civilian corporate investment, which currently leads the development of emerging markets such as Asia and South America, will have to spread to underdeveloped regions, including Africa," Lee said, to broaden the production base of those nations, create jobs and eventually contribute to the long-term balance of the world economy.
South Korea decided to add the development issue to the list of agenda items at the Seoul G-20 meeting because narrowing development gaps between advanced nations and developing ones is an "urgent task" for the balanced world economy, the president said.
A dozen heads of state, including German Chancellor Angela Merkel, British Prime Minister David Cameron and South African President Jacob Zuma, attended the B-20 meeting at the Walkerhill Hotel in northeastern Seoul. France said earlier it will hold another round of the B-20 next year when it hosts the G-20 summit.
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President Lee Myung-bak delivers a speech at the G-20 Business Summit at the Walkerhill Hotel in Seoul. (Yonhap) |
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