Biz Talks Planned on Sidelines of G20 Summit in Korea

Next year’s Group of 20 summit in Korea in November will be accompanied by the Business 20 meeting, or B20.

The leaders of around 400 companies from G20 member nations and B20 meeting participants will discuss cooperation to boost the real economy after the global economic crisis ends.

An official at the presidential office of Cheong Wa Dae said yesterday, “It’s hard to predict but the government expects the economy will recover in the second half of next year, when the G20 summit will be held. In the post-crisis era, private companies should play their due role through higher facility investment and hiring. Accordingly, we’re planning to invite global companies to discuss economic issues.”

The idea of holding the B20 meeting was suggested last month by G20 leaders at the Asia-Pacific Economic Cooperation summit in Singapore. The name “B20,” however, was coined by President Lee Myung-bak.

“Amid the economic crisis, the (Korean) government should deal with the crisis. When the economy begins recovering, however, government policies and the real economy should be coordinated to generate synergy. That’s why the two meetings should be held side by side. We’ll set up effective programs far better than general CEO summits,” the official said.

In his luncheon with senior members of the ruling Grand National Party, President Lee said, “The top 20 companies from G20 member nations will be invited to Korea. Global companies will gather to discuss economic issues.”

yongari@donga.com