G20 Summit 2023: India undeniably a global powerhouse, says South Korea

South Korea on Monday said India is undeniably a global powerhouse and that the Indian presidency of G20 will unleash its potential and pay heed to insights and feedback from members and contribute to the international community.

The statement came from a representative of South Korea who was speaking at the inaugural ceremony of the two-day G20 International Financial Architecture Working Group meeting here.

The discussions during the meeting will be jointly steered by Ministry of Finance and Reserve Bank of India along with France and South Korea who are co-chairs of the International Financial Architecture Working Group.

"The impression of this country is that India is undeniably a global powerhouse that not only is a hard power evidenced by economic scales and population but also a soft power equipped with well-known films, cuisines, history and renowned figures," Byungsik Jung, the representative of South Korea said at the inauguration.

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He also exuded confidence about the success of the G20 presidency this year.

"I am sure that the Indian presidency will unleash its potential and charm and pay heed to insights and feedback from members and contribute to the international community," he said.

India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world's major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).

In the G20 International Financial Architecture Working Group meeting which began on Monday, participants will discuss ways to enhance the stability and cohesion of the global financial architecture and how to make it fit to address the global challenges of the 21st century.

The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries.

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