Business meeting starts ahead of G-20 summit in Seoul

Business meeting starts ahead of G-20 summit in Seoul

2010-11-10 17:34:38 GMT+7 (ICT)

SEOUL (BNO NEWS) -- Top executives of the world's 120 richest companies on Wednesday gathered in Seoul for a business summit designed to produce policy recommendations for G-20 member nations aimed at saving the world from the global economic downturn.

South Korea's Yonhap quoting organizers as saying said the two-day event was to kick off with a welcome dinner hosted by the co-chairs of South Korea's organizing committee, Minister of Knowledge Economy Choi Kyung-hwan and Korea Chamber of Commerce and Industry Chairman Sohn Kyung-shik.

The top executives have worked for the past four months to produce a preliminary report on recommendations for G-20 leaders.

"If the G-20 summit is a meeting of heads of state from advanced and newly emerging nations that control the world economy, the business summit can be called a meeting of business CEOs who control the real economy of world," Oh Young-ho, the South Korean commissioner of the business summit organizing committee said.

The G-20 process was established in the late 1990s, but its status got a significant boost two years ago when the heads of state met for the first time in the wake of the global financial crisis. At a third summit held in Pittsburgh in September 2009, the meeting was named the world's premier forum for economic cooperation.

Final recommendations from the business summit will be delivered to G-20 leaders through British PM David Cameron, who will attend the closing ceremony Thursday afternoon.

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