[G20 Video Conference] President Moon's Speech at the G20 Special Video Summit

[Asia Economy Reporter Ryu Jeong-min] First, I would like to thank the Chairperson for convening this special video conference with strong leadership.

Due to COVID-19, the global health crisis is becoming severe, and international real markets and financial markets are greatly contracting.

However, we believe that, just like during the 2008 global financial crisis, the united solidarity of G20 member countries will help us overcome today's difficulties.

Over the past two months, Korea has been at the center of the COVID-19 challenge and has faced many hardships. Although we cannot be fully assured yet, through proactive and transparent quarantine measures and the voluntary and democratic participation of our citizens in quarantine efforts, the situation is gradually stabilizing.

[Image source=Yonhap News]

From the early stages of the COVID-19 outbreak until now, our government has responded based on three core principles: openness, transparency, and democracy. We identified confirmed cases through overwhelmingly extensive testing and thoroughly traced infection routes to the end.

Then, after isolating all confirmed patients and their close contacts, we imposed travel bans. We believed this was the best way to prevent the spread of infection and reduce casualties. Throughout this process, all creative methods were employed. We developed diagnostic reagents early that were both fast and highly accurate,

and ‘drive-through’ testing centers were established to enable the fastest possible testing and infection prevention. Additionally, through the installation of ‘self-quarantine apps’ and ‘self-diagnosis apps’ utilizing IT technology, self-quarantined individuals are being strictly managed.

Furthermore, following WHO recommendations, we took measures to minimize restrictions on cross-border movement of people and goods while maximizing quarantine effectiveness. This is the ‘special entry procedure.’

Without completely banning entry from foreign countries, we thoroughly tested all entrants from countries with many confirmed cases, both foreigners and nationals alike, from the point of entry, aiming to control infection inflow from abroad while protecting the entrants themselves.

Also, all relevant information was promptly and transparently disclosed domestically and internationally.

We update and distribute all epidemiological information daily, including the number of new confirmed cases, number of tests conducted, and regional distribution.

Our government will continue to improve and supplement quarantine measures,

and we intend to share Korea’s experience and successful response model with the international community.

Korea is implementing bold expansionary macroeconomic and financial stability policies totaling $100 billion (132 trillion KRW) to prevent COVID-19 from leading to contraction in consumption, investment, and industrial activity.

First, a $26 billion (32 trillion KRW) package has been prepared to reduce the burden on affected industries, small business owners, and micro-entrepreneurs, as well as to support vulnerable groups.

Second, $80 billion (100 trillion KRW) in emergency funds are being injected to support companies facing liquidity shortages.

Businesses must survive to protect citizens’ jobs,

and jobs must be maintained to enable economic stimulus.

Our government is swiftly implementing these measures,

and will consider additional measures if necessary.

Korea proposes the following to strengthen international solidarity and policy coordination.

First, our member countries should share quarantine experiences and clinical data and join forces to develop treatments and vaccines.

We must also cooperate to support health-vulnerable countries.

Korea will actively participate in international efforts for vaccine development, health sector development cooperation, and strengthening developing countries’ infectious disease response capabilities.

Second, we must utilize all available means to implement expansionary macro policies, strengthen the global financial safety net, and cooperate to stabilize the economies of underdeveloped and impoverished countries.

Korea supports the Chair country’s proposal to derive a G20-level action plan,

and looks forward to in-depth discussions on concrete cooperation measures.

Third, to minimize COVID-19’s negative impact on the global economy, it is important to maintain essential flows of economic exchange between countries.

To this end, we propose jointly exploring ways to allow the movement of essential personnel such as scientists, doctors, and businesspeople within the scope that does not undermine each country’s quarantine measures.

The world expects the G20, which greatly contributed to overcoming the 2008 global financial crisis, to demonstrate strong leadership in responding to this crisis as well.

We hope today’s meeting will serve as an opportunity to reaffirm G20 solidarity in overcoming COVID-19. Thank you.