Economic Recovery

G20 seeks growth through public-private partnership

(Xinhua)
Updated: 2010-11-09 13:50

SEOUL - Business leaders participating in the Seoul G20 Business Summit will seek ways to strengthen public- private partnership for strong, sustainable, and balanced growth, the head of the organizing committee said Tuesday.

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Kicked off on Nov 10 under the title of "The Role of Business for Sustainable and Balanced Growth," the Summit will give participating business leaders time to collaborate in seeking ways to enhance public-private business ties to keep the strong growth pace, accordingto the organizing committee.

"Business leaders taking part in the Business Summit, who have been carefully selected from the Fortune 500 list, are gathering to adopt a new model to create public-private partnerships to generate new growth and create jobs needed to consolidate economic recovery," Oh Young-ho, director of the organizing committee told a press briefing.

Also, the Business Summit is expected to empower the G20 as premier forum of the global economy, adding to the G20 Summit greater legitimacy and credibility, Oh added.

The Seoul G20 Business Summit, held on the sidelines of the Seoul G20 Summit, will bring together some 120 top business leaders from G20 and non-member countries.

The two-day meeting will deal with global issues, including trade and FDI, finance, green growth, and corporate social responsibility, for which participant leaders will be divided into working groups and hold roundtable sessions.

At the end of the Business Summit, the final draft of the working group report will be announced, of which preliminary drafts have already been reported to G20 finance ministers and deputy ministers' meetings and sherpa gatherings and have been added input from the G20 process.

The final draft is scheduled to be reported to heads of the G20 countries, who will discuss it during the Global Economy and Finance sessions at the Summit and endorse it, said Oh.

"Although it is the first time to hold such a meeting, it will likely continue with the G20 Summit as a corporate federation of France, the next host of the G20, has shown interest in the Business Summit," Oh told reporters, when asked of the future of the business leaders' meeting.

"It is not a mere one-day event, but an extensive process of discussion and collaboration which is to last even after the Seoul meeting ends," Oh added.  

A total of 12 heads of countries, including South Korea, Germany, Japan, and UK, and influential business leaders, such as Victor Fung of Li & Fung Group, Stephen Green of HSBC, have been invited to the summit, together with 12 leaders of business associations to represent SME circles.