G20 Country Republic of Korea: Key Contributor To Global Economic Growth

South Korea has solidified its position as a global player with its steady economic growth, technological innovation, and participation in international organisations.

G20 Country South Korea President Yoon Suk Yeol

President: Yoon Suk Yeol

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The former prosecutor general of the Republic of Korea, between 2019 and 2021, Yoon Suk Yeol was elected President in 2022.

The Republic of Korea, commonly known as South Korea, is a vibrant and influential nation in East Asia. The country has solidified its position as a global player with its steady economic growth, technological innovation, and participation in international organisations like the G20.

Located on the Korean Peninsula, South Korea shares its northern border with North Korea. Due to this proximity, South Korea faces unique diplomatic challenges. The Korean Peninsula being one of the world's most volatile regions makes South Korea's diplomacy and security efforts crucial not only for its own stability but also for global peace. 

The economy of South Korea rides on rapid development and industrialisation. It is the 12th largest economy globally, and a prominent member of the G20. 

After steering the global economy after the financial crisis in 2008, the G20 decided to annualise the summit from 2009, giving itself a major stake in fostering international economic cooperation. The Republic of Korea was accorded the hosting rights of the event in 2010, and it thus became the first non-G8 Asian state to hold the summit.

According to an official release by the country’s foreign ministry, the then Korean government put together a ‘Presidential Committee for the G20 Summit’ to effectively organise the multilateral event and direct its efforts towards making the summit successful.

The government also introduced a system through which key ministries such as the Ministry of Foreign Affairs and Trade, Ministry of Strategy and Finance, the Financial Services Commission and other agencies could cooperate and coordinate with the panel to ensure a successful hosting of the event.

Attending the World Economic Forum in Davos, Switzerland, then President Lee Myung-bak articulated his country’s “focus on the sound implementation of past agreements, the introduction of new agenda items like development and global financial safety nets and securing international support through proactive outreach toward non-G20 countries and international organisations as ways to ensure the success of the G20 Seoul summit”.

The Ministry of Foreign Affairs and Trade extended full support and cooperation to the Presidential Committee to ensure a successful conduct of the summit and advance its agenda — addressing the global economic challenges and finding a way past them.

Held on November 11 and 12, 2010, the Seoul G20 Summit logged the participation of the 20 member-states, including the European Union and five invited countries — Ethiopia, Malawi, Singapore, Spain and Vietnam.

The event also saw representation from 7 international organisations. 

The largest-ever event of its kind in the Republic of Korea, the Seoul G20 Summit drew about 6,000 government delegates and 4,000 media professionals.

“The major outcome of the G20 Seoul Summit included such agreements as ‘the framework for strong, sustainable and balanced growth’, ‘IMF quota reform and adjustment (of) the Executive Board’s composition’, the ‘Basel III agreement and SIFI (Systemically Important Financial Institutions) problem solutions’ and ‘reaffirming commitment to the DDA’,” read the release from the country’s Foreign office.

At the G20 Summit this year, to be hosted under India’s Presidency in New Delhi on September 9 and 10, the delegation from the Republic of Korea would be led by President Yoon Suk Yeol.

At the summit, the Republic of Korea will join the fellow member-states to affirm its commitment to carrying forward the G20 mandate — to work for global economic good.