The "Korea Federation of Banks (KFB) has been operating the financial circles' support team for the Seoul G20 Business Summit since April 5, 2010," noted KFB Vice Chairman, Noh Tae-shik.
Noh also mentioned that the KFB is participating in the Seoul G20 Business Summit organization committee and execution committee as a representative of Korea's financial circles. For the nation's successful hosting of the G20 Business Summit, the KFB is also operating the business summit support team.
The financial circles' support team, headed by KFB Vice Chairman Noh, comprises of vice chairmen and executives of five financial organizations: Korea Financial Investment Association, Korea Life Insurance Association, Korea Non-life Insurance Association, Korea Institute of Finance, and Korea Capital Market Institute.
"Among the businesses of the financial circles', support teams will become familiar with current and relevant topics of the business summit's round table in the financial field, invitations of CEOs from foreign financial institutions, and recommendations of domestic entrepreneurs, among other things will ensue," he explained.
Noh also made remarks regarding how the team recommended Euh Yoon-dae, Chairman of KB Financial Group, Lim Ki-young, CEO of Daewoo Securities, and Shin Chang-jae, CEO of Kyobo Life Insurance, as representatives of the banking, securities and insurance circles. Along with this, the organization committee fixed the list of domestic companies which consists of 15 CEOs, including three representatives of the financial circles, who will attend the business summit's round table in the financial sector. Keeping in mind, there are four sections of the Seoul G20 Business Summit, KFB Vice Chairman Noh additionally noted, "KB Financial Group and Daewoo Securities will participate in the financial section, and Kyobo Life Insurance will attend the corporate social responsibility section."
Participants of the Seoul G20 Business Summit
About 120 CEOs of top-class global companies will constitute the four sections of round table sessions: trade & investment, finance, green growth and company social responsibility. They also plan to seek cooperative methods of communication through direct dialogue with major state leaders.
Of the world's top 10 financial institutions, seven: Bank of America, J.P. Morgan Chase, Citigroup, HSBC, ICBC, BNP Paribas, and Grupo Santander, are to participate in the event. Additionally, Standard Chartered Group, Deutsche Bank, Mitsubishi Tokyo, UFJ Bank, and Sumitomo Mitsui Banking Corporation are expected to attend the global event as well.
"Results discussed regarding the business summit will be reported to the G20 Summit through conferences between finance ministers & vice ministers, or the Sherpa meeting," said Noh.
Commenting that the topic of the G20 Business Summit's financial section as a promotion of financial safety and strengthening of functions to support the real economy, Noh noted that the discussions would be carried out in three subtopics: financing & real economy, exit strategy and infrastructure & R&D investment.
A working group will be created by subtopics and then they will convene to map out a report on the discussion results.
KB Financial Group and Daewoo Securities will participate in the exit strategy section and Hanwha and Hanjin groups will attend the infrastructure & R&D investment section.
"The domestic financial circles are joining the movement for regulation change to promote financial stability. We will continuously cooperate with relevant authorities and seek mutual collaboration for the successful hosting of the G20," said Noh.
He also pointed out that "through the nation's hosting of the Seoul G20 Summit and Business Summit, I hope such urgent pending issues such as global cooperation for macroeconomic policies, reform of financial regulations, and a reorganization of global financial bodies will be resolved. At the same time, I expect global financial order favorable for Korea to be created through Korea's observation and understanding of different opinions among G20 member countries as the chair country of the global event."
Background Details of the Seoul G20 Business Summit
The G20 Business Summit, scheduled to start on Nov. 10 will have a two-day run in Seoul, one day prior to the beginning of the two-day G20 Seoul Summit was designed by the Korean government to ensure a more sustainable economic recovery and future growth by having business leaders participate in the G20 process.
Roundtable discussions will be following direct exchanges between business leaders and G20 political leaders including the issue of establishing a Global Business Summit as a permanent component of future G20 summits will be discussed.
SK Group Chairman Chey Tae-won, is the host country's convener on the topic of "Reducing Cost of Renewable Energy" under the green growth section at the summit.
Among those who will be present at the meeting is Samsung Electronics Chairman Lee Kun-hee, the biggest influential figure in the Korean business circle.
Hyundai-Kia Automotive Group Chairman, Chung Mong-koo, will be at the trade & investment session, while Hyundai Heavy Industries Chairman Min Keh-sik plans to join the discussion on green jobs.
Doosan Group Chairman, Park Yong-hyun, is one of the debaters in the discussion on healthcare and Africa in the corporate social responsibilities session; he will focus on Korea's role in the development process of advancing countries based on its history of turning from an aid recipient to a donor country in less than half a century.
Lotte Group Vice Chairman, Shin Dong-bin, is assigned to the CSR session and will open the forum with discussion on topics concerning youth unemployment, while Hanhwa Group Chairman, Kim Seung-youn, will discuss funding infrastructure, natural resources, technology and R&D in the finance session.
Under the subject of "The Role of Business for Sustainable and Balanced Growth" the Seoul G20 Business Summit will be held at Sheraton Walkerhill Hotel in Seoul on Oct. 10-11.
