한국기업의 중동부유럽 진출 10년의 평가와 무역·투자 네트워크 활성화 방안 (Korean Firms' Investment in Central and Eastern Europe for 10 Years and the Policy Implications for Promoting the Network of Trade and Investment)

103 Pages Posted: 24 Apr 2017

See all articles by Yoo-Duk Kang

Yoo-Duk Kang

Hankuk University of Foreign Studies

You-Jin Lim

Korea Institute for International Economic Policy

Date Written: December 30, 2016

Abstract

Korean Abstract: 대EU 무역, 특히 수출 활성화를 위해서는 서유럽에 대한 직접 수출 외에도 이미 갖춰진 대중동부유럽의 투자-무역 네트워크를 정밀하게 분석하고, 이를 활성화 또는 재편성하기 위한 전략을 수립할 필요가 있다. 본 연구는 슬로바키아, 체코, 폴란드, 헝가리를 중심으로 중동부유럽의 경제 상황 변화와 지난 10년간 한국기업의 중동부유럽 진출 현황을 살펴보고 투자와 수출 간의 관계를 산업별 데이터 분석을 통해 확인해보고자 하였다. 또한 한국뿐만 아니라 일본, 중국의 대중동부유럽 투자-무역 패턴을 비교분석함으로써 한·중·일 3국이 중동부유럽에 대해 펼쳐온 투자전략의 공통점과 차이점을 발견하고자 하였다. 본 연구는 한국기업의 투자-무역 네트워크 전략 마련에 기여하는 데 목적을 두고 있다.

English Abstract: If we are to revitalize exports to the EU, it will be necessary to conduct a more precise analysis on investment and trade between Korea and the Central and Eastern Europe Countries (CEEC), together with the establishment of proper strategies. This report suggests that policies ought to enhance the network of trade and investment between Korea and the CEEC by researching and analyzing the changes in the CEEC economy and features of Korean investors in the CEEC.

First, as the business environment in the CEEC has changed since the enlargement of the EU in 2004, Korean firms in the CEEC must now reestablish the long-term strategies of their investment. Prior to 2004, the Korean firms in the CEEC realized abundant profits due to easy access to the EU market and lower wages. However, transitions in the business landscape are leading to changes in the traditional pull factors of FDI, such as low labor wages. Accordingly, it has become inevitable for firms to establish a new strategy.

Second, improving competitiveness in the CEEC benefits Korean investors to retain faster return on investment as well as increase exports. Since the EU enlargement, Korean investors tend to provide intermediate goods from local suppliers rather than from within Korea. The aim of these Korean investors is to minimize risks associated with exchange rate fluctuations and reduce freight costs by supplying intermediate goods from local markets. This signifies that investment in the CEEC does not increase exports. To overcome this vicious circle, Korean investors should expand their value chain. It is necessary to research and find proper strategies to strengthen Korean firms’ competitiveness and diversify sales networks to realize sustainable growth. In addition, the development of high value-added materials and parts will boost competitiveness. Such changes will allow investments to translate not only into improvements in the trade balance but also the balance of services and income.

Third, Korean firms should be prepared with strategies customized to the characteristics of each industry, as changes in the trade environment caused by the EU pursuing further FTAs have had a huge impact on the supply chain of vertical international specialization. Finally, it is necessary to analyze conditions of investment and establish winning investment strategies in the CEEC. Such strategies are aimed to diversify the portfolio of Korean firms in order to increase competitiveness.

Note: Downloadable document is available in Korean.

Suggested Citation

Kang, Yoo-Duk and Lim, You-Jin, 한국기업의 중동부유럽 진출 10년의 평가와 무역·투자 네트워크 활성화 방안 (Korean Firms' Investment in Central and Eastern Europe for 10 Years and the Policy Implications for Promoting the Network of Trade and Investment) (December 30, 2016). KIEP Research Paper. Studies in Comprehensive Regional Strategies 16-04 . Available at SSRN: https://ssrn.com/abstract=2957266 or http://dx.doi.org/10.2139/ssrn.2957266

Yoo-Duk Kang (Contact Author)

Hankuk University of Foreign Studies ( email )

270 Imun-dong Dongdaemun-gu
Seoul, 130-791
Korea, Republic of (South Korea)

You-Jin Lim

Korea Institute for International Economic Policy ( email )

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

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