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Overview of Korea’s development experience

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Economic Administration

Bilateral economic relations with EU

The European Union (EU) has become the largest investor in Korea, and also it has become the second largest market for Korea’s exports, after China. The importance of the EU as a market and a source of FDI can hardly be overstated for Korea, especially now when Korea needs to develop the service sector and upgrade its industrial structure. With the Korea-EU FTA signed in 2010, it is vital to strengthen cooperation in science and technology to bolster Korea’s industrial bases and participate in the joint development of new technologies for the environment and energy sectors.

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