An Evaluation of Economic Exchange and Direction of Investment Cooperation between Korea and Mongolia
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This paper reviews and evaluates the outcome of economic exchange and cooperation between Korea and Mongolia, and suggests directions and strategies for both countries to expand especially investment cooperation in the future. Korea and Mongolia have pursued a close cooperation after the establishment of an official diplomatic relationship in 1990, and Korea is ranked in top 5 major trade partner countries of Mongolia. However, the trade volume between the two countries has decreased from 2014, and Korea’s foreign direct investment to Mongolia is also decreasing recently. To recover and enlarge both the trade and investment cooperation between the two countries, the direction and strategy of bilateral economic cooperation should be reconsidered. In reality, because economic exchanges and cooperation with Mongolia have more opportunities in terms of investment, Korean government and companies are needed to understand the resource-based development nature of Mongolian economy. Therefore, strategic approaches considering objectives and determinants of investment cooperation are needed for Korean companies to participate at resource development, resource development related investment, and private investment for SOC and other construction projects in Mongolia. For Korean side, establishing a comprehensive framework of cooperation that includes both private and government and engagement in the development of the traditional Mongolian industries such as food processing, textile, and agricultural development are highly recommended. Establishment of the Korea-Mongolia Adequate Technology Transfer Center is needed for cooperation in industrial diversification of Mongolia.
Abstract
This paper reviews and evaluates the outcome of economic exchange and cooperation between Korea and Mongolia, and suggests directions and strategies for both countries to expand especially investment cooperation in the future. Korea and Mongolia have pursued a close cooperation after the establishment of an official diplomatic relationship in 1990, and Korea is ranked in top 5 major trade partner countries of Mongolia. However, the trade volume between the two countries has decreased from 2014, and Korea’s foreign direct investment to Mongolia is also decreasing recently. To recover and enlarge both the trade and investment cooperation between the two countries, the direction and strategy of bilateral economic cooperation should be reconsidered. In reality, because economic exchanges and cooperation with Mongolia have more opportunities in terms of investment, Korean government and companies are needed to understand the resource-based development nature of Mongolian economy. Therefore, strategic approaches considering objectives and determinants of investment cooperation are needed for Korean companies to participate at resource development, resource development related investment, and private investment for SOC and other construction projects in Mongolia. For Korean side, establishing a comprehensive framework of cooperation that includes both private and government and engagement in the development of the traditional Mongolian industries such as food processing, textile, and agricultural development are highly recommended. Establishment of the Korea-Mongolia Adequate Technology Transfer Center is needed for cooperation in industrial diversification of Mongolia.
참고문헌 (15)
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