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Development Overview

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Overview of Korea’s development experience

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Accession to the OECD

Korea joined the OECD in December 1996. As a result of the negotiations for OECD membership, Korea was allowed to maintain regulations on 41 out of 91 sectors under the OECD Code of Liberalization of Capital Movement and 10 out of 57 sectors under the OECD Code of Liberalization of Current Invisible Operation. This reservation rate was very high compared to the OECD average.

However, Korea introduced plans for further liberalization on capital movements. Regulations on foreign direct investment in Korean companies were reduced or eliminated and the limitations on overseas financing for Korean firms were also relaxed significantly. As a result, there was a sizable increase in the amount of FDI into Korea.


Table 4-18. The acceptance and reservation rate of Korea


Source : SaKong, Il and Koh, Youngsun, 2010. The Korean Economy Six Decades of Growth and Development. Seoul: Korea Development Institute.