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Enhancing the globalisation of Korea - OECD Economic Surveys: Korea 2007

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  • Enhancing the globalisation of Korea - OECD Economic Surveys: Korea 2007
  • OECD
  • Organization for Economic Cooperation and Development (OECD)


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Title Enhancing the globalisation of Korea - OECD Economic Surveys: Korea 2007
Similar Titles
Material Type Others
Author(English)

OECD

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2007
Language English
File Type Link
Subject Economy < General

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.