Economic Cooperation since 1990 between Korea and Mongolia: An Evaluation and Prospects
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This paper reviews and evaluates the outcome of economic cooperation between Korea and Mongolia for the last 20 years, and suggests the agenda for the expansion of economic cooperation in the future. Korea and Mongolia have pursued a close cooperation after the establishment of an official diplomatic relationship in 1990. The enlargement of trade and investment in the economy area would be especially worthy of close attention. The trade volume between two countries has expanded about 100 times from 1990 to 2008. Korea came second in Mongolia's exports, and third in Mongolia's imports in 2008. Korea now appears to be one of the most important trade partners for Mongolia. Nevertheless, Mongolia reveals a significant deficit to Korea in commodity balance. With respect to FDI in Mongolia, Korea holds the third rank, preceded by China and Canada. For the expansion of economic cooperation between two countries, the next agenda could be suggested in four parts. First, a preliminary feasibility study for a free trade agreement. Second, more and stronger cooperation in the area of direct investment and technology support to Mongolia. Third, concrete cooperation for tourism development of Mongolia. And forth, sharing Korea's experience of rapid economic growth over the past five decades with Mongolia.
Abstract
This paper reviews and evaluates the outcome of economic cooperation between Korea and Mongolia for the last 20 years, and suggests the agenda for the expansion of economic cooperation in the future. Korea and Mongolia have pursued a close cooperation after the establishment of an official diplomatic relationship in 1990. The enlargement of trade and investment in the economy area would be especially worthy of close attention. The trade volume between two countries has expanded about 100 times from 1990 to 2008. Korea came second in Mongolia's exports, and third in Mongolia's imports in 2008. Korea now appears to be one of the most important trade partners for Mongolia. Nevertheless, Mongolia reveals a significant deficit to Korea in commodity balance. With respect to FDI in Mongolia, Korea holds the third rank, preceded by China and Canada. For the expansion of economic cooperation between two countries, the next agenda could be suggested in four parts. First, a preliminary feasibility study for a free trade agreement. Second, more and stronger cooperation in the area of direct investment and technology support to Mongolia. Third, concrete cooperation for tourism development of Mongolia. And forth, sharing Korea's experience of rapid economic growth over the past five decades with Mongolia.
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