유라시아경제연합의 투자환경과 한국의 진출전략(The Investment Climate of the EAEU and Korea's Entry Strategy)

Posted: 20 Sep 2017

See all articles by Jae-Young Lee

Jae-Young Lee

Korea Institute for International Economic Policy

Cheol-Won Lee

Korea Institute for International Economic Policy

Jiyoung Min

Korea Institute for International Economic Policy

Date Written: August 25, 2017

Abstract

English Abstract: Established in January 2015, the Eurasian Economic Union (EAEU) set a grand vision to create a “Eurasian Union” resembling the European Union by 2025 through a multi-stage integration plan. The EAEU consists of five countries — Russia, Kazakhstan, Belarus, Kyrgyz Republic and Armenia — with 180 million people and a combined GDP of 1.48 trillion dollars. Currently, free movement of goods, services, capital and labor is guaranteed within the region. The members of the EAEU are planning to integrate the drugs and medical market by 2017, the electric power market by 2019, and the oil and gas market by 2025. EAEU membership is expected to expand, namely with the accession of Tajikistan, and the scope of partnership is also likely to extend out toward the APEC region. In the meanwhile, Korea is facing a number of challenges under escalating economic uncertainty around the world. Protectionism in trade is spreading worldwide with the launch of the Trump administration, and China has engaged in economic retaliation against the deployment of a THAAD missile system in Korea. Also, Korea has to escape from the geographical isolation imposed by the division of the Korean Peninsula. Responding to these developments, Korea will need to diversify its partnerships with emerging economies and reduce its economic dependence on the Chinese market. Strengthening cooperation with the northern Eurasian countries, and securing new economic growth engines to replace old ones, will be a way for Korea to overcome the current challenges. Indeed, the EAEU can be an attractive partner as a window of new economic cooperation in developing future-oriented relations between Korea and the northern Eurasian countries. Korea has a high potential to develop sustainable and mutually beneficial relations with northern Eurasian nations because both sides share characteristics in economic cooperation that are complementary to each other. Korea needs to construct a third route, a “northern economic cooperation route,” in addition to the maritime route which connects Korea with the U.S. and Japan and the China route. It will also be necessary to pioneer such a “northern economic growth space” through strategically enhancing economic cooperation with the EAEU member states. Recognizing these considerations, the Moon Jae-in administration inaugurated in May 2017 has presented a “Responsible Northeast Asia Plus Community Initiative” as one of its major national policy agendas, where the new northern policy stands as an important pillar. Accordingly, promoting economic cooperation with the EAEU has become an issue of great priority. It is timely and desirable for us to study the investment climate of the EAEU, and to devise feasible strategies to enter the EAEU and expand into the northern Eurasian region. This study provides an in-depth analysis on the investment climate in the EAEU and sophisticated entry strategies for Korea. This study emphasizes the necessity to establish an FTA between Korea and the EAEU, the largest market Korea has yet to conclude an FTA with. The EAEU’s growing presence within the world’s political and economic spheres hints at the emergence of the EAEU as a significant partner for Korea to diversify its international economic cooperation and generate new growth engines. The results of this study will be useful to prepare negotiations for a Korea-EAEU FTA and come up with mutually beneficial economic cooperation programs. We carried out comprehensive analyses of the literature and pertinent statistics, and conducted a survey of Korean businesses that have entered or are planning to enter the EAEU market. To supplement the results of this survey, in-depth interviews with Korean companies were conducted as well.

Korean Abstract: 본 연구는 유라시아경제연합(EAEU)의 투자환경에 대한 심층분석을 통해 한국기업의 구체적인 투자 진출전략을 모색하고자 진행되었다. 따라서 본 연구는 우리의 대EAEU 진출확대를 통한 북방협력의 강화는 물론, 향후 한·EAEU FTA 협상방안 마련에도 기여할 수 있을 것이다. EAEU의 투자환경을 분석하기 위해 관련 통계분석과 함께 한국기업들을 대상으로 설문조사를 실시하였고, 이를 기반으로 SWOT 분석을 통한 EAEU 시장진출 전략을 제시하였으며, 한국기업의 유망 투자진출 분야 및 투자진출 확대방안을 제안하였다. 현 상황에서 한국의 대EAEU 투자활성화를 위해서는 무엇보다 제도적·환경적 기반 구축이 중요한바, 한·EAEU FTA 협상 개시를 최우선 과제로 설정할 필요가 있다. 이를 위해 한·EAEU ‘투자촉진위원회’ 구성, 중소기업의 투자진출 확대를 위한 ‘북방협력기금’ 조성, EAEU 내 유망산업단지 조성 및 진출유망산업 발굴 등이 바람직하다고 판단된다.

Keywords: EAEU, Investment

Suggested Citation

Lee, Jae-Young and Lee, Cheol-Won and Min, Jiyoung, 유라시아경제연합의 투자환경과 한국의 진출전략(The Investment Climate of the EAEU and Korea's Entry Strategy) (August 25, 2017). KIEP Research Paper. Studies in Comprehensive Regional Strategies 17-01. Available at SSRN: https://ssrn.com/abstract=3038756

Jae-Young Lee (Contact Author)

Korea Institute for International Economic Policy ( email )

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

Cheol-Won Lee

Korea Institute for International Economic Policy ( email )

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

Jiyoung Min

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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