earticle

영어

Korea and Mongolia have developed cooperative relations greatly in several fields such as the economy and culture, based on economic complementarity and despite the short period since racial, cultural and linguistic similarities, the amity in 1990. In 2006, President Roh Moo-hyun's visit to Mongolia expanded friendship and cooperation in all fields of politics, economy, culture etc., and enhanced mutual profit through cooperation of the two countries is expected to be improved more gaining substantial outcome, in terms of an upgrade of two countries' relation, successful energy resource diplomacy etc. Let's examine a possible cooperation plan for improving trade between Korea and Mongolia through positive factors of the latest development in the Mongolia economy. The Mongolia economy has been showing smooth growth recently, and inflation is stabilized and the entire economic structure is improving. It's economically active population and economic activity participation rate have been improving along with economic growth, and it's production possibility population has increased and the structure of population has improved. Also, the Mongolian government business and all citizens have a strong desire for capitalism, and thus settling down gradually, with strong economic growth, and foreign transactions and the terms of trade have improved by active market-opening', and is showing stability in the balance of payments, involving increases in foreign direct investment. The latest financial market boom is proving sufficient liquidity to the real sector, thereby helping economic growth. Because Mongolia has rich natural resources, ranking among the ten largest resource-rich countries, it's growth potential is reckoned high. Thus, the proposals for improving trade relationship are as follows ; a trade-cooperation promotion plan of Korea and Mongolia, will have to extract a long-term market potential. And we should expand our cooperation to various industrial sectors. Furthermore, we have to utilize compensation trade to increase trade volumes. The economic cooperation between Mongolia and Korea has to proceed to maximize the complementary effects between the two countries. For this purpose, we have to make various investment cooperation through natural resources and technology transfer as well as trade, in a parallel and multifaceted way to increase synergy effects. Therefore, considering the present circumstances for cooperation promotion in trade and commerce between Korea and Mongolia, it is desirable, to have a long-term perspective on effective and mutually beneficial collaberation, rather than expecting a short-term outcome.