The business conditions for foreign-invested firms will also be greatly improved through various measures, including relaxed control on the acquisition of land by foreign-invested firms, the augmented protection of foreign intellectual rights, and other similar steps.

Cooperation with the Rest of the World, Including Developing Nations and Socialist Countries

Expanding Trade and Economic Exchanges

The Republic of Korea has emerged as a major global trader by steadily pursuing freer trade and greater openness, while promoting its business presence around the world. In the past, Korea’s foreign trade concentrated on the developed world - mainly the United States, Japan and the EU. In more recent years, however, it has rapidly expanded trade and capital cooperation with Southeast Asia, former and present socialist countries and Third World nations as well.

Especially since the 1988 Seoul Olympics, economic interactions with the former Soviet republics have been brisk. The Republic of Korea is also increasing its support of economic development efforts in the Third World on the basis of its more than three decades’ experience with successful domestic development.

The nation will continue to pursue expanded and more diversified trade and to promote economic cooperation on a long-term basis with the rest of the world, taking into consideration the individual economic characteristics of each country.

With the United States, the Republic of Korea will pursue not only expanded bilateral trade and increased mutual private investment and technological cooperation but also government-to-government cooperation in industrial technologies. As for Japan, the Republic will pursue Forward-lookoing practical economic relations and will, in particular, strive to attract Japanese investment more effectively. Since Korea does not have serious trade issues with the EU it will focus on promoting overall economic cooperation, including mutual investment and industrial and technological cooperation.

With the dinamically growing Asian economies, such as China and Southeast Asian Nations, the Republic of Korea will endeavor to continue to expand two-way trade, especially by helping to meet their expanding needs for capital goods and intermediate products to support their continuing rapid development, while increasing imports from them as much as possible. The nation will also encourage Korean business investment in these countries and make efforts to build an industrial structure complementary with theirs.

The Republic of Korea is increasing its official development assistance to developing countries proportionate to its economic strength. In this, efforts are being made to combine such assistance with private Korean investment, with the aim of maximizing its effect, while developing two-way trade and other economic ties on a long-term basis.

Economic ties with the Commonwealth of Independent States and East European countries will continue to focus on commercial applications of their high technologies and other forms of technological cooperation and joint development of natural resources.

Korea Trade with and Investment in Various Countries and Regions

Country or Region	Trade (US$ bil.)		Investment (US$ mil.)
	1987	1993	1987	1993
U.S.A.	27.1 (30.7)	36.1 (21.7)	165.3 (40.3)	380 (30.3)
Japan	22.1 (25.0)	31.6 (19.0)	1.4 (0.3)	6 (0.5)
EU	11.2 (12.7)	19.6 (11.8)	6.5 (1.6)	157 (12.5)
China	1.7 (1.9)	9.1 (5.5)	6.0 (1.5)	260 (20.7)
Southeast Asia	8.9 (10.1)	27.8 (16.7)	130.5 (31.8)	179 (14.3)