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Korea's participation in global value chains and policy implications

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Title Korea's participation in global value chains and policy implications
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Material Type Article
Author(English)

Chung, Sunghoon

Publisher

Sejong : Korea Development Institute

Date 2015-07
Series Title; No KDI FOCUS / No. 59, eng.
Pages 10
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Economy < Economic Conditions
Holding 한국개발연구원; KDI국제정책대학원
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Abstract

The expansion of global value chains during the past 20 years has widened the gap between export value and domestic value added, diminishing the per-unit contribution of exports to the country’s economic growth. Thus, policies now need to target creating value added rather than increasing gross exports and focus on enhancing the competitiveness of input and production activities. In particular, regulatory reform must take place in the service sector to eliminate unnecessary obstacles to competitiveness. Moreover, to utilize global value chains more effectively, efforts should be made to enhance the efficiency of offshoring and attract production to the country’s shores in order to create more domestic valued added and jobs.