TRADE AND INVESTMENT IN SOUTH KOREA

This writing is intended to fulfill

the Dynamics of Development in East Asia’s final paper

GROUP 1

Arranged by:
Dyandara Sekar Pradipta 2110412214
Jessica Tiodhora 2110412166

UNIVERSITAS PEMBANGUNAN NASIONAL

“VETERAN” JAKARTA
FACULTY OF SOCIAL AND POLITICAL SCIENCE
INTERNATIONAL RELATIONS STUDY PROGRAM
2023
 ABSTRACT

One of the most important determining elements for a nation's economic

health is trade and investment. In South Korea, the financial state of the nation
has been fluctuating extremely. Due to Korea's quick industrialization during the
past 30 years, the developed world has been very interested in it as both a key
competitor in many industries and a model for how to build and change
economies. But in many ways, Korea is currently at a turning point. A significant
restructuring of Korea's economy is likely to occur in the coming years, a
restructuring of some of the effects of which domestic governmental,
quasi-governmental, and industry affiliated forecasters may find difficult to
acknowledge. This restructuring will likely be accompanied by shifting external
pressures ranging from the end of communism to the conclusion of the Uruguay
Round of the GATT. Thus, a critical review of Korea's foreign economic
connections conducted independently may be a welcome complement to official
and quasi-official forecasts. Therefore, the Republic of Korea's foreign trade and
investment patterns are evaluated in this paper along with any prospective
long-term adjustments. These modifications reflect modifications in both
comparative advantage and market access.

Keywords: trade, investment, economy, financial

CHAPTER I
INTRODUCTION

What is Trade and Investment?

Loads of trucks, ships, and airplanes transport enormous quantities of
commodities throughout the world on a daily basis. Many nations may have
contributed to the possessions we have. Every nation exports, offers its goods and
services overseas. In exchange, they import and purchase products and services
from international trading partners. These products come in the form of
manufactured or agricultural goods. All intangible items, including

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telecommunications and advertising, are referred to as services, a dynamic and
expanding sector of commerce. But the trading network is more intricate than just
the buyers and sellers. Long supply chains enable things to be obtained, put
together, packaged, and sold in many locations across the world as part of the
complex web that makes up the global trading system. Before they were
eventually delivered to the nearby store where you might purchase them, the raw
components for your daily necessities may have been manufactured in one nation,
processed in another, put together in a third, and packaged in yet another.

A system known as mercantilism was used by several nations prior to the

19th century to promote self-sufficiency. The goals of mercantilism were to
enhance the nation's gold supply, decrease its reliance on imports, and maximize
exports. In order to both prevent bringing in products from abroad and benefit
from it, this arrangement gave rise to stiff import duties. A barrier to international
trade was erected by mercantilism. Countries strive to create as much as they can
on their own, including those they couldn't manufacture effectively. Asserting that
civilizations should trade with one another in order to be more successful due to
comparative advantage, so-called classical economists challenged these long-held
notions in the late 18th century.

The notion that when nations concentrate on producing goods, they are
relatively competent at importing, and everyone benefits. This is referred to as
specialization, and when nations don't have to invest time and money in making
textiles or wine, for example, there is more opportunity for them to innovate and
develop whole new goods. These traditional economists contended that gauging a
nation's strength by the amount of gold it could acquire was futile. Today,
productivity and the capacity to make the most use of their few resources are the
main economic indicators used to compare nations. The total of all the finished
products and services that a nation generates in a year is known as the Gross
Domestic Product (GDP). The amount of human, physical, technological, and
financial resources in a country determines how effectively and profitably that

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country can create certain things. Trades began to flourish as soon as these novel
concepts were accepted. Meanwhile, technological and transportation
advancements greatly increased accessibility to distant markets. The volume of
international commerce alone surged from 3.5 trillion to 19 trillion from 1990 to
2015, more than five times. Due to trade, there is now greater access than ever
before to more affordable and superior goods and services. The result has been
increased global stability and the creation of millions of employment.

A purchase made for the purpose of earning money or appreciating in

value is known as an investment. Appreciation describes the increase in value of
an asset through time. When someone purchases something as an investment, they
don't want to use it right now to generate money; they want to use it later. An
investment always entails the spending of some resource now, such as time, effort,
money, or a physical object, with the hope of receiving a bigger return than what
was first spent. An investor could purchase a financial asset today in the
anticipation that it will provide income down the road or be worth more when it is
time to sell it. What counts as foreign investment is not universally agreed upon.

The definition of the term "investment" varies depending on the objective

and intended audience of the several investment instruments that utilize it,
according to Juillard and Carreau, which they contend is the reason why there isn't
a single legal definition for the term. As a result of the development of many
sources, there are now many alternative definitions of investment. Prior
international accords and customary international law dealt with imported money
and the property of long-term foreign residents in a similar way by referring to
both as "foreign property" rather than "investment." Juillard contends that the
more dynamic concept of investment has taken the place of the static concept of
property, which denotes time and movement. Direct investments and portfolio
investments are the two categories into which investments have historically been
split. Portfolio investments were the most common type of foreign investment in
the late nineteenth and early twentieth century. These investments were frequently

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made in the form of bonds that were issued by developing country governments
and floated on the financial markets.

The two World Wars decreased investment flows, stagnated direct

investment, and virtually eliminated portfolio investment in emerging countries
throughout the first half of the 20th century. Foreign investments changed in the
post-war era, becoming more direct as a result of multinational corporations
creating majority or totally owned subsidiaries. The term "new forms of
investment" refers to situations where an investor enters a country and markets a
product or service without really owning it. In a variety of industries, direct
investment has grown. In today's world, the notion of investment encompasses a
wide variety of assets, and both domestic and international treaties have broad
definitions of investment. The majority of respondents think that foreign
investment will support future economic growth. Despite the fact that anybody
can invest abroad, corporations and enterprises with substantial financial
resources typically do so in order to expand their horizons.

As globalization accelerates, an increasing number of companies are

growing worldwide. Numerous multinational corporations believe it would be
advantageous to build new manufacturing and production facilities since there are
opportunities for reduced production and labor costs abroad. Additionally, these
large corporations frequently look for countries with the least onerous tax regimes
in which to conduct business. To do this, they could relocate their home office or a
portion of their business activities to a country that is a tax haven or that has
alluring tax laws intended to attract foreign investment.

It is possible to classify both direct and indirect foreign investments. The

term "foreign direct investments" (FDIs) refers to a company's actual investments
and acquisitions undertaken in another country. FDIs frequently entail the
construction of new facilities as well as the acquisition of local industries,
structures, machines, and other equipment. These kinds of investments are far

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more well-liked since they are often seen as long-term investments and benefit the
economy of the host country. Corporate entities, financial institutions, and
individual investors making indirect overseas investments purchase shares or
positions in international businesses that are traded on international stock
exchanges. This type of foreign investment is generally less advantageous since
the local firm may readily sell off its investment very quickly, sometimes only
days after the purchase.

The term "foreign portfolio investment" (FPI) is also used to describe this
kind of investment. Along with equity assets like stocks, indirect investments can
also be made with debt securities like bonds.There are two other types of foreign
investments to consider: commercial loans and official flows. Bank loans issued
by a domestic bank to international organizations or governments usually take the
form of commercial loans. Under the general heading of "official flows," a home
country may offer both developed and developing nations various forms of
developmental assistance. In developing nations and emerging markets,
commercial loans accounted for the majority of foreign investment until the
1980s. Following this time, global direct and portfolio investments rose sharply
while investments in commercial loans reached a plateau.

CHAPTER II
DISCUSSION

The Condition of South Korea’s Trade and Investment

With a GDP of 1.6 trillion dollars, South Korea has the tenth-largest
economy in the world. It is also the seventh-largest exporter in the world, with
four years in a row exceeding the 500 billion dollar threshold. Creating economic
policies and investing in future growth engines can drive successful economic
development. South Korea is strengthening their position as an active player in
international trade by using its manufacturing competitiveness, which resulted in
solid growth of its main export items and diversification of markets. In order to

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bring about the necessary digital transformation and green transformation, they
are also stepping up their promotion of new enterprises and technology. When
compared to other nations like China, Japan, US, and other European nations,
South Korea came out on top on the EU's Innovation Scoreboard. South Korea
works towards achieving common goals shared by the world and plays an even
more prominent role in the international community.

South Korea is seen as both a Next Eleven nation, and a stable developed
nation with a high income. This suggests that there is a considerable likelihood
that the nation will see rapid growth in the years to come. South Korea is noted
for its excessive population and nearly nonexistent natural resources. The
country's economy is among the fastest growing in the world despite this. As of
right now, it ranks seventh in exports and ninth in imports worldwide. These
exports mostly go to the car sector. The consumer electronics industry also has a
robust export business.

The market liberalization measures put in place in the 1990s have

gradually expanded foreign portfolio investment, which as of February 2022
accounted for more than 37% of the market capitalization of the Korea Composite
Stock Price Index (KOSPI). In terms of having the most investment-friendly
economy, the nation is placed 16th on the AT Kearney Foreign Direct Investment
Confidence Index 2022. The country's fast economic expansion and specialization
in cutting-edge information and communication technology are the reasons South
Korea is attractive to foreign direct investment. The World Bank rates the
Republic of Korea's business environment as being well advanced.

Differences in South Korea’s Trade and Investment Policies with Other East
Asian Countries
South Korea has a distinct trade policy that sets it apart from other
countries in several ways. Here are some key aspects that differentiate South
Korea's trade policy. First, is their export-oriented approach. South Korea has

7
historically pursued an export-oriented development strategy. The country places
great emphasis on exporting its manufactured goods and has actively supported
industries that contribute to its export competitiveness. This approach has helped
South Korea become one of the world's leading exporters. Contrasting to this,
another East Asian Country, China, uses a more import-based approach,
emphasizing domestic production and reducing reliance on imports by promoting
domestic industries to serve its large domestic market.

Next, is the implementation of Free Trade Agreements (FTAs), where

South Korea has actively pursued bilateral and multilateral free trade agreements
to expand its access to foreign markets. With a number of nations and areas,
including the US, EU, ASEAN, and many more, it has signed free trade
agreements (FTAs). These agreements reduce trade barriers and promote
economic cooperation, providing South Korean businesses with preferential
access to partner markets. China, on the other hand, has been more cautious in
signing comprehensive FTAs and has relied more on bilateral trade agreements
and regional initiatives like the Belt and Road Initiative.

Another aspect to be considered is their strong industrial policy. South

Korea has a strong industrial policy that focuses on developing strategic industries
and fostering technological innovation. The government provides support and
incentives to key industries such as electronics, automobiles, shipbuilding, and
petrochemicals. This approach aims to enhance competitiveness and promote
high-value-added exports. Small and medium-sized businesses (SME) are
important to South Korea's economy, and the country has put rules in place to
encourage their efforts in global commerce.

The government offers various programs and initiatives to help SMEs

enter foreign markets, access export financing, and participate in trade fairs and
exhibitions. This is even more prominent as South Korea places significant
emphasis on research and development to drive innovation and improve

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competitiveness. The government invests particularly in sectors like information
technology, biotechnology, and green technologies. This focus on innovation
helps South Korean industries stay at the forefront of global markets. The most
contributing factor is South Korea’s efforts to maintain a balanced trade
relationship with its major trading partners. It aims to avoid excessive trade
surpluses or deficits and works towards negotiating fair trade arrangements. The
government closely monitors trade imbalances and engages in discussions with
partner countries to address any trade-related concerns.

Meanwhile, South Korea’s investment policy has its own special aspect
that differentiate it from other countries, particularly when compared to other East
Asian countries. First, Korea aggressively takes part in both regional and global
value chains. Its gross exports have larger percentages of foreign value-added than
China and Japan, indicating greater integration in local and international
production networks. Next, is their strategy to attract foreign investment. To
entice foreign investment into their nation, South Korea is providing up to 50% in
cash reimbursement for FDI in strategic industries. On July 18, 2022, the Ministry
of Trade, Industry, and Energy modified the Foreign Investment Committee (FIC)
approved cash grant program to offer up to 50% cash reimbursement for foreign
investment in projects deemed strategically important for the country, such as
chips, batteries, and vaccines.

On the other hand, to entice foreign investment, China has been waging a
campaign over the past 12 months. In an effort to draw in international investment
and provide foreign businesses more insight into China's potential, the Chinese
government launched the "Invest in China" campaign on March 29, 2023. The
event began in Guangzhou, the capital of South China's Guangdong Province, and
it lasted the full year. It was conceptualized by and put together by the Ministry of
Commerce.

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 Another aspect to be considered is their strong protection on industrial
technology. Strong industrial technology in South Korea focuses on enforcing
stricter rules for foreign M&A on domestic core technologies. The updated
Industrial Technology Protection and Prevention Act went into effect on February
21, 2020. The following are some of the main features of the change: The reform
mandates that the government must first approve any overseas M&A involving
national core technology. Prior to now, only registration was required for overseas
M&A involving domestic core technologies. Before they want to export the
nation's essential technology to foreign organizations, the institutions that had
received government financing for R&D must obtain prior approval. Even when
there is a chance that the nation's vital technology may be inadvertently disclosed
to foreign nations through international M&A, the institutions that had received
government financing for R&D must obtain prior consent.

Case Study: The 2007-2008 Economic Crisis

Although it was mostly brought on by foreign forces rather than internal
problems, South Korea had a serious economic crisis in 2007. The subprime
mortgage issue in the United States served as the catalyst for the worldwide
financial upheaval that led to the crisis. There are many aspects of the 2007 South
Korea economic crisis. First, is the global financial turmoil, where the crisis
originated in the United States, where the subprime mortgage market collapsed,
leading to a global financial downturn.

The interconnectedness of financial markets worldwide meant that South

Korea, as a major export-oriented economy, was not immune to the effects. Next,
is seen in their decline in the stock market. The South Korean stock market
experienced a significant decline in 2007. The benchmark KOSPI index dropped
by over 40% from its peak in October 2007 to its low point in January 2009. The
sudden drop in stock prices eroded investor confidence and affected consumer
spending.

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 There are also significant currency fluctuations. The crisis also led to
fluctuations in the South Korean currency. The value of the won depreciated
against major currencies, which created challenges for importers and foreign debt
holders but provided some relief to export-oriented industries. Not only in the
currency, there is also a decline in exports, where South Korea heavily relies on
exports, particularly in industries like automotive, electronics, and shipbuilding.

The economic crisis resulted in a decline in global demand, affecting

South Korean exports and leading to a slowdown in manufacturing and a rise in
unemployment. In hindsight, the global financial crisis in two stages in 2008
affected the Korean economy. When it came to international investors, the
Republic of Korea had a severe loss of trust in the first phase, which led to
significant capital outflows akin to what happened in 1997. The capital account
deficit for the final three months of 2008 was $42.6 billion, or more than 20% of
GDP. The government put in place a number of policy measures to win back the
confidence of foreign investors, such as guaranteeing the external debt of Korean
banks, using its sizable foreign reserves to ensure foreign exchange liquidity, and
disclosing to foreign investors the structural differences between 1997 and 2008.
These actions were unsuccessful, though. The bilateral swap arrangements with
the Federal Reserve finally helped to stabilize the financial markets in the
Republic of Korea. Ironically, it was the US, the country at the core of the world
financial crisis, that helped rebuild confidence in the Korean economy.

Although the Federal Reserve's bilateral swaps had a favorable impact, it

was short-lived. The substantial capital outflows in the fourth quarter of 2008
were mostly caused by the significant deficit in other investments, which includes
trade credits, loans (borrowings), currencies and deposits, and others. $35.6
billion in additional investments were used to make up the $42.6 billion capital
account deficit. In addition to other investments, the period's high deficit was
mostly caused by short-term borrowing by deposit-taking institutions (domestic
banks and branches of foreign banks). One important factor was the sudden

11
decrease in confidence in the Korean economy among foreign investors, which
was brought on by a number of factors. In order to counter the massive impact of
this crisis, the South Korean government took several measures to mitigate the
impact of the crisis.

The Bank of Korea reduced interest rates to stimulate economic activity,

and the government implemented fiscal stimulus packages to boost domestic
demand and support industries affected by the downturn. Although the crisis had a
severe impact on the South Korean economy, it eventually began to recover. The
government's measures, coupled with global economic stabilization, helped
restore confidence and revive economic growth. South Korea's economy
rebounded in the subsequent years, driven by strong exports and domestic
consumption. This indicates that the subprime mortgage crisis in the United
States, which started the global financial turbulence, was a contributing factor to
the South Korean economic crisis of 2007. While it led to a decline in exports, a
drop in stock prices, and currency fluctuations, the government's intervention and
the eventual global economic recovery contributed to the country's revival in the
following years.

The Role of Government in Trade and Investment Policies in South Korea

In response to the financial crisis, there are some policies created by the
government. With the condition of trades, the South Korean Government made a
supplementary fund policy. This policy was made to counter the lack of increase
in the domestic economy, they provided funds in order to be able to reach the
foreign trades. Other than that, the government also created a bank recapitalization
fund policy. This policy allows the South Korean banks to boost their capital base
by purchasing their stocks. Aside from the local-focused policy, South Korea also
made sure to staple their role in the international trades by cooperating with
foreign countries, such as the United States and EU. With the US, the South
Korean government formed a treaty to eliminate the majority of trade tariffs,
which allows many multinational services. Similar to the treaty, South Korea also

12
formed a free trade policy with the EU, which was remarkably EU’s first trade
policy with an Asian country. This policy increased the trade and investment rates
expeditiously.

In order to counter this crisis and move the country into recovery, the
government implemented a monetary policy. The Bank of Korea created policy
measures to stimulate the economy. It reduced interest rates to encourage
borrowing and boost economic activity. The central bank also injected liquidity
into the financial system to ensure the stability of the banking sector. Other than
that, the government introduced fiscal stimulus packages to bolster domestic
demand and support industries affected by the crisis. These packages included
measures such as tax cuts, increased government spending on infrastructure
projects, and financial support for small and medium-sized enterprises (SMEs).
The goal was to stimulate economic growth and job creation. The government
also provided support to the financial sector to ensure its stability during the crisis.
Troubled financial institutions were provided with liquidity and capital injections
to prevent widespread banking failures. The government also guaranteed certain
types of bank liabilities to restore confidence in the financial system.

As South Korea heavily relies on exports, the government implemented

measures to support export-oriented industries. It provided export financing and
credit insurance to businesses, facilitated trade promotion activities, and
negotiated with other countries to maintain market access for South Korean
products. With this in mind, the government launched campaigns and initiatives to
boost consumer confidence and encourage spending. These efforts aimed to
counter the negative impact of the crisis on consumer sentiment and domestic
consumption. They would also aggressively collaborate with international
organizations and partners to plan their responses to the financial crisis. It
participated in discussions and collaborative efforts with other countries to
stabilize financial markets and restore global economic confidence. In addition to
short-term measures, the government initiated structural reforms to enhance the

13
competitiveness and resilience of the South Korean economy. These reforms
included measures to improve corporate governance, promote innovation and
research and development, and foster a more flexible labor market.

There are also several investment policies created by the government, in

response to the financial crisis. To improve both the environment for developing
investment policies and the environment for investments themselves, the Korean
government modified a number of institutional structures, including the
Committee on Foreign Direct Investment and the Investment Ombudsman. The
Tripartite Commission and the Segyehwa Policy were created to help people
accept the need for reform more readily.

The Committee on Foreign Direct Investment (CFDI), which the

government also set up in 1999, was created to continuously assess FDI
procedures and policies. Members of the Committee include leaders of pertinent
local and municipal governments as well as officials from a number of ministries
and organizations, including the Ministry of Strategy and Finance (MOSF) and
the Ministry of Knowledge Economy (MKE). The MKE minister presides over it.
The Committee, made up of delegates from regional governments and ministries,
is in charge of making significant FDI policy decisions. Based on
recommendations from these representatives, the Committee also develops an
annual FDI Environment Improvement Plan. This committee's job is to settle
disputes, such as those between the national government and local governments.

In June 1993, the government presented a five-year FDI liberalization plan

with the objectives of accelerating the procedure for lowering regulations
governing inward FDI, expanding the number and diversity of industries that are
open to FDI, and ramping up promotion of inward FDI. The strategy resulted in
the liberalization of 132 of the 224 prohibited industries. Reduced corporate taxes,
laxer restrictions on foreign land ownership, and simpler approval processes all
benefit foreign-invested businesses. Particularly in the industrial,

14
electric/electronic components, and auto parts industries, Japanese investment was
pursued. The Five-Year Plan was followed by another starting in 1995, along with
a Reform Plan for the Improvement of the Foreign Investment Environment from
1994.

The Korean government started making important structural changes in

the business and banking sectors. The government approved the Foreign
Investment Promotion Act (FIPA) in November 1998 as a part of the reform
package agreed upon with the IMF in order to promote FDI and regain the
confidence of foreign investors. The Act loosened regulations and restrictions on
foreign nationals' ability to invest in the country while also expanding the pool of
tax incentives available to entice foreign investment. With the easing of more than
half of the previous limitations, convoluted administrative processes were
reduced. One notable feature of the new law was the increased authority provided
to local governments in enticing FDI (via local tax cuts, land leases, or the
construction and management of Foreign Investment Zones, or FIZs).

President Lee Myung-Bak quickly established the Presidential Council on

National Competitiveness (PCNC) upon his office in February 2008, making
regulatory reform one of the pillars of his economic policy. The PCNC's goals
include the creation of institutional and legal frameworks, innovation in
government, investment promotion, and regulatory reform. The staff of the
Corporate Resolution Centre, the permanent Regulatory change Committee, and
the Prime Minister's Deregulation Taskforce all focus on regulatory change in a
similar way.

Today, South Korea has one of the largest economies in the world and
markets that are open to foreign investment and trade. The nation is renowned for
its accomplishments in the creation of high-tech businesses and electronic goods,
including semiconductors, telephones, automobiles, and IT technologies. Trade
has a big impact on the South Korean economy. One of the biggest exporters in

15
the globe is South Korea. Automobiles, electronics, and chemical products of the
highest caliber are exported from South Korea to several foreign markets. The
nation participates in international supply networks and has a robust
manufacturing industry. Furthermore, South Korea draws a sizable amount of
FDI. Because of South Korea's favorable economic environment, excellent
infrastructure, and skilled workforce, many multinational corporations invest
there. The nation has laws and financial incentives to promote investment in vital
areas including information technology, renewable energy, and the creative
industry.

CHAPTER III
CONCLUSION

The global economy was unstable for almost two years during the 2007
economic crisis. Although this crisis also had an influence on South Korea, the
country was able to mitigate its effects by putting in place a number of prudent
measures and regulations. There are various strategies that South Korea used to
get through the issue. Stabilization of the financial system, which involved direct
government intervention to lessen the effects of the crisis. To help banks suffering
liquidity problems, they create financial restructuring programs, offer guarantees
on interbank loans, and give liquidity to institutions in need. The administration
implemented a significant fiscal stimulus package in addition to paying close
attention to the financial situation in order to accelerate economic growth. They
are expanding government spending, notably on infrastructure, and giving
impacted industries tax breaks and subsidies. They increase accounting standards,
boost monetary and fiscal policy frameworks, and strengthen financial regulation
and supervision. They can now move on with market liberalization thanks to this.
South Korea is working on structural changes and market liberalization with the
goals of eliminating economic imbalances and boosting competitiveness. They
lower trade barriers, increase domestic market competitiveness, and encourage
investment and innovation in key industries. South Korea is stepping up its

16
attempts to diversify its economy. They boost spending on technology research
and development, promote the development of new economic sectors, and lessen
reliance on solitary export-generating industries, including manufacturing.
Through these steps, South Korea managed to recover from the 2007 economic
crisis relatively quickly. Economic growth recovered in the following years, and
the country continued to strengthen its economic foundations and better face
global economic challenges.

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