President Lee Myung-bak proposed during a special address at the Davos forum on Thursday the establishment of a global financial safety net in order to stabilize the global economy.

In the speech, Lee highlighted the three basic directions of the G20 summit South Korea will host in November.

He said the summit will focus on thorough implementation of existing G20 agreements, bridging the gap between developed and developing countries and establishing a global financial safety net. He said an outreach plan for non-G20 nations will also be discussed so such nations can make their voices heard.

Lee said that plans to strengthen bilateral financial cooperation between developed and developing nations will be discussed, as will ways to maximize the use of inter-regional cooperation arrangements.

He vowed to proactively work on building international consensus in order to facilitate the implementation of the framework for strong, sustainable and balanced growth that was agreed upon at the three previous G20 summits.

In addition, Lee talked about a more open G20, where Korea would engage in enabling nonmember nations and NGOs to participate in the Seoul G20 summit.

On relief aid for earthquake-ravaged Haiti, Lee said he would do his utmost to assist in recovery efforts with other G20 heads of state.