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Enhancing the Globalisation of Korea

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Author Info
Randall S. Jones
Taesik Yoon
Abstract

Globalisation through foreign direct investment (FDI), international trade and international movements of labour is a key force driving economic growth. Although Korea has become more integrated in the world economy over the past decade, it still ranks low in terms of import penetration, the stock of inward FDI relative to GDP and foreign workers as a share of the labour force. A number of policy reforms would help Korea make greater use of goods, services, capital and human resources from abroad: i) reducing barriers to FDI, including foreign ownership limits in some sectors; ii) focusing on attracting FDI by improving the business and living environment rather than through special zone schemes; iii) reducing import barriers, particularly in agriculture, through multilateral trade negotiations and WTO-consistent regional trade agreements; iv) relaxing product market regulations, notably in services; and v) easing controls on and facilitating the inflow of both low and high-skilled workers.

Renforcer la mondialisation de l’économie Coréenne
La mondialisation, par le biais de l’investissement direct étranger (IDE), des échanges internationaux et de la circulation internationale de la main-d’oeuvre, est un facteur essentiel de croissance économique. Même si la Corée s’est intégrée davantage dans l’économie mondiale au cours de la décennie passée, elle est encore à la traîne du point de vue de la pénétration des importations, du stock d’IDE par rapport au PIB et de la proportion de travailleurs étrangers dans la population active. Un certain nombre de réformes aideraient la Corée à tirer meilleur parti des biens, des services, des capitaux et des ressources humaines d’origine étrangère : i) la réduction des obstacles à l’IDE, liés notamment au plafonnement des participations étrangères dans certains secteurs ; ii) une stratégie visant à attirer l’IDE, axée sur l’amélioration des conditions d’activité et de vie offertes aux investisseurs étrangers et non sur des systèmes de zones spéciales ; iii) la réduction des obstacles à l’importation, en particulier dans l’agriculture, par le biais de négociations commerciales multilatérales et d’accords commerciaux régionaux conformes aux règles de l’OMC ; iv) un assouplissement de la réglementation des marchés de produits, notamment dans les services ; et v) un assouplissement des contrôles limitant l’entrée de travailleurs aussi bien peu qualifiés que hautement qualifiés et la facilitation de l’accès de ces catégories.

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File URL: http://dx.doi.org/10.1787/241606341724
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Paper provided by OECD, Economics Department in its series OECD Economics Department Working Papers with number 614.

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Date of creation: 15 May 2008
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Handle: RePEc:oec:ecoaaa:614-en

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Related research
Keywords: agricultural trade; foreign direct investment; foreign workers; Free Economic Zone; free trade agreements; globalisation; immigration; import penetration; international trade; Korea; merger and acquisition; service sector; trade liberalisation; accords libre-échange; commerce agricole; Corée; échanges internationaux; fusion et acquisition; immigration; investissement direct étranger; libéralisation des échanges; mondialisation; pénétration des importations; secteur des services; zones franches;

Find related papers by JEL classification:
F1 - International Economics - - Trade
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F22 - International Economics - - International Factor Movements and International Business - - - International Migration
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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