G20 Business Summit kicks off in Seoul

SEOUL. November 11. KAZINFORM /Daniyar Sikhimbayev/ Today Seoul hosts G20 Business Summit, in which top managers of 120 leading world companies take part. The issues of strengthening the global economy and ensuring its sustainable development were suggested as major discussion topics.

President of the Republic of Korea Lee Myung-bak delivered a welcome speech at an opening of the Business Summit.

It is planned that working groups jointly with heads of state who will attend the Summit will make a list of recommendations to all G20 leaders. The preliminary report of recommendations of the heads of world companies which has been published this week calls for the G-20 countries to abandon state protectionism in economy. Representatives of business and G20 leaders discuss reforms in the sphere of management in the financial market as well.

Lee Myung-bak emphasized the significant role of the private sector in ensuring sustainable and balanced growth of the countries. The President of South Korea emphasized importance of prorate sector in the global economic growth stimulation and asked the companies around the world to pay more attention to investments expansion in Africa and other poor regions. "Enterprises are the most important players in revival and activation of economy", he said.

The President noted that the economy recovery under the state leadership has its limits.