November 30, 1999 
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| November 30, 1999 | atimes.com | |
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| The Koreas S Korea climbs world trade ladder SEOUL - Korea is expected to emerge as the world's eighth largest trading country in 2010 and to become a standing member on the board of the International Monetary Fund and the World Bank, according to Korea's long-range economic vision outlined by the Korea Institute for International Economic Policy (KIEP). The KIEP Friday held a public hearing on the external sector of the mid- and long-term economic vision being promoted by the government. Korea's commodity trading is expected to surpass $400 billion in 2005 to join the world's top 10, and rise to $580 billion by 2010 to become the world's eighth largest trading country after the United States, Germany, Japan, China, France, Britain and Italy. Moreover, by then Korea should account for 3.5 to 4 percent of worldwide trade, compared with 2.1 percent in 1998. At the end of 1998, Korea was the world's 14th largest trading country, with exports reaching $133.2 billion and imports $93.3 billion. The long-term vision envisions a rapid move toward liberalization of investment and capital. Consequently, foreign direct investment will represent close to 15 percent of gross domestic product in 2010, compared with 2.6 percent in 1996 and 6.7 percent in 1998. Korea's corporate direct investment in foreign markets should also rise to 7 to 10 percent of GDP in 2010, compared with 2.8 percent in 1996. Korea's international stature will correspondingly match that of advanced countries. Korea is expected to join the Develoment Assistance Committee, a sub-organization of the Organization for Economic Cooperation and Development, by raising its foreign aid commitment to the Official Development Aid Assistance to 0.1 to 0.2 percent of GDP by 2010, compared with 0.042 percent today, according to the long-term vision. Korea, taking advantage of its geo-political edge vis-a-vis Japan and China, is expected to play a key role in regional economic cooperation in Northeast Asia, and will emerge as a business center for Northeast Asian operations of multinational corporations. The KIEP predicted that inter-Korean economic cooperation with North Korea will be centered on direct investment. Finally, the KIEP called for real progress in liberalization, stepped-up regional economic cooperation and promotion of new trade partnerships. (Asia Pulse/Yonhap) | |||||||||
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