몽골경제의 성장과 한·몽 경제협력관계의 재정립 방향

Abstract

This paper reviews the recent trend of economic growth and mid-term projection of growth in Mongolia, and investigates how to enhance economic cooperation between Korea and Mongolia. The two countries have pursued mutual cooperation since 1990, and both trade volume and direct investment have steadily increased every year. However, the market share of Korean products in Mongolia is around 5 to 6 percent, and falls significantly behind that of China and Russia. With respect to direct investment, Korea has only 1% among total foreign direct investment to Mongolia. Recently Mongolia has recorded very high economic growth rates propelled by resource development. Many international economic institutions suggests an optimistic estimate about the mid-term projection of growth in Mongolia, too. It means that domestic demand in Mongolia could be considerably increased in the near future. Moreover, as Mongolians' income increased, their demand may shift from low-end goods, commonly produced in China, to high-value item. Therefore, Korean government and producers should reevaluate Mongolia's market changing to middle-income country, and establish a new strategy for expansion of market share in Mongolia. They should increase direct investment, speculate FTA between the two countries, and consider how to incorporate cultural homogeneity to improve competitiveness in Mongolia's market.