How to Promote Economic Cooperation with Resource-Abundant Andean Countries: Focus on Venezuela, Ecuador, and Bolivia

4 Pages Posted: 6 Sep 2013 Last revised: 21 Oct 2013

See all articles by Ki-Su Kwon

Ki-Su Kwon

Korea Institute for International Economic Policy

Jin-O Kim

Korea Institute for International Economic Policy

Misook Park

Korea Institute for International Economic Policy

Siun Yi

Korea Institute for International Economic Policy

Date Written: July 1, 2013

Abstract

Due to the world’s rising energy demand and political instability in Middle East, the importance of resource-abundant countries in Latin America is being emphasized. This is especially true in the case of three Andean countries, Venezuela, Ecuador, and Bolivia, which remain to be a major challenge in terms of economic cooperation and as investment destination despite their rich resources and Korea’s large interest in different sectors. It is mainly due to Korea’s lack of understanding of the concerned countries and these countries’ less favorable investment climate compared to their neighbors.

In this sense, this study suggests practical ways to enhance comprehensive economic cooperation between Korea and these countries and the suggestions are not limited to resource development cooperation. These include creating a friendly environment for Korean companies to encourage investment in the resource development sector of the region, as well as building a sustainable economic cooperation model. Also, additional emphasis is put in finding measures to minimize the risks of doing business in those countries.

Keywords: Venezuela, Ecuador, Bolivia

Suggested Citation

Kwon, Ki-Su and Kim, Jin-O and Park, Misook and Yi, Siun, How to Promote Economic Cooperation with Resource-Abundant Andean Countries: Focus on Venezuela, Ecuador, and Bolivia (July 1, 2013). KIEP Research Paper NO. World Economy Update 13-29, Available at SSRN: https://ssrn.com/abstract=2320988 or http://dx.doi.org/10.2139/ssrn.2320988

Ki-Su Kwon (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Jin-O Kim

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Misook Park

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Siun Yi

Korea Institute for International Economic Policy ( email )

Seoul 137-602

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