G20 SUMMIT IN SEOUL, KOREA


-Signification of G20 Summit to Korea-

written by 20212 우연수

In November 11th, 20 countries are going to gather in Seoul to participate G20 summit. G20 summit has been held since 2008. and upcoming Seoul G20 summit is fifth meeting. G20 was first held in Washington to solve global economic crisis. Before 2008, the economic global meeting wasn't G20, but G7, G8, and so on. However in 2008, 20 developed and developing countries gathered because of very serious economic downturn. Anyway, it was the first economic summit, which invited the top of each countries. G20 is very influential and big meeting.

So it is very impressive that G20 will be held in Seoul, Korea. As it is big and important event, Korea steps up preparing for G20 in terms of transportation, security, and other convenient facilities. Not only is G20 beneficial to whole world, it is also good chance for host country. It is rare chance but Korea was remarked as fifth G20 host country. It's because Korea was the fastest country who overcame recent global economic crisis. Many countries acknowledged Korea's ability to deal with economic crisis. Moreover, President Lee showed leadership in previous G20 summit, so it was also main factor. With high global expectation, Korea has both responsibility to lead G20 well, and chance to get benefit.

Through G20 summit in Seoul, Korea will get much economic benefit. Seeing shortly, many foreigners including presidents, ministers, and guards from each countries will visit Korea and spend money. Then Korea can build a lot of profit through accommodation, transformation, shopping, and tourism. The economy will be active. Furthermore, in the long run, the Korea's image goes up, which means Korea brand value rises and gives confidence to global customers. And until now, the global market adapted Korea Discount. It means Korea exported products with 1% discount, so Korea got 1% loss. However, after G20, Korea predicts to get Korea Premium which guarantees the original price of products.

G20 in Seoul has more signification over economic benefits. Having G20 in Seoul is one of the best diplomatic result among many deals. It is the historically memorable event. Secondly, Korea is the first country in Asia who hold G20, because it always has been held in Europe or North America. This shows how much Korea developed. Thirdly, holding G20 summit, the international financial meeting, means that Korea may take initiative in global economy, not only leading the international meeting. If Korea succeed in holding G20, it will take a lot of benefit.

However, if Korea fail, it will get dishonor worldwidely. To avoid this situation, Korea should prepare perfectly in terms of the meeting contents, convenience, and security. Also, citizens' role is very important. Many foreigners visit and see Koreans, Therefore, all Koreans should show the aspect of cultural citizens, and give good images. Success only depends on Koreans.