G20 High Level Development Conference held in Seoul

High profile officials from governments and international organizations, scholars, and experts from overseas and Korea gathered in Seoul on October 13 to discuss development issues, one of the main agendas of the upcoming G20 Seoul Summit, for the G20 High Level Development Conference.

Those who attended the conference agreed that development is needed in order to help assist people living in poverty around the globe.

The conference attendees shared a common understanding that overcoming the continuing economic recession and enhancing potential are essential to help undeveloped countries. 

They also urged G20 countries to focus on strengthening international cooperation to achieve economic stability and create a favorable business environment for agricultural development.

They reached a consensus that trade for aid, maintaining market openings, and expanding no-tariff and no-quarter areas are needed in order to boost the potential for economic growth in less developed countries.

At the infrastructure session of the conference, attendees suggested that countries should expand investment in the infrastructure of developing countries in order to help them expand and see more growth. They also agreed to expand the role of multinational development banks, and discussed measures for greater private sector investment in infrastructure.

They further agreed that the G20 plays an important role in this area, and discussed measures for the G20 to support economic development through infrastructure investment.

They also reconfirmed the importance of trade in order to achieve economic growth in developing countries, and discussed ways to strengthen trade potential and trade accessibility for less developed countries.

Chairman of the Presidential Committee for the G20 Summit Sakong Il said that the action plan to achieve balanced growth and development will be adopted at the G20 Seoul Summit. He also expressed his hope that the G20 development framework can be announced at the summit, as well.

Source : http://korea.net

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