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(G20) S. Korea's business circle hails outcome of G-20 summit
By Byun Duk-kun
SEOUL, Nov. 12 (Yonhap) -- South Korea's major business organizations welcomed the outcome of the Group of 20 summit Friday, calling it a big success for both the country and the world.

   The G-20 Seoul Summit ended earlier in the day after the leaders of the G-20 major economies issued a joint declaration, in which they affirmed their commitment to "more market-determined exchange rate systems." South Korean President Lee Myung-bak said the agreement ended the currency row, at least for now.

   "We believe the agreement for efforts toward a more stabilized foreign exchange market and to fight protectionism is a great success that will prove to be extremely helpful to our country that depends on exports for more than 90 percent of its economy," an official from the Korea Chamber of Commerce and Industry said.

   The Federation of Korean Industries, South Korea's largest industry lobby, also gave high marks to the results of the summit.

   "Inducing the G-20 nations to take a big step toward a new global economic order with the Seoul action plan on various global issues including the currency exchange system truly marks a victory of the country's diplomatic efforts," it said in a statement.

   "The summit not only helped raise the world's confidence in the role of the G-20 process, but also demonstrated the need for the G-20 forum in the future by reaching consensus on ways for both developed and emerging economies to grow," it added.

   Samsung Group, the country's largest conglomerate, said the country's successful hosting of the meeting itself will continue to bear fruit in the future.

   "It provided a valuable chance to improve the country's image and raise its status in the international community," the company said.

   bdk@yna.co.kr
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