Doctor of Economics, Professor, Rector of Kyiv National University of Trade and Economics
Doctor of Economics, Professor, Head of Department of International Economic Relations
of Kyiv National University of Trade and Economics
FOREIGN ECONOMIC RELATIONS OF UKRAINE AND THE REPUBLIC OF KOREA
Background. The proposed scientific article is devoted to actual issue of formation of priority directions in the foreign economic policy of Ukraine, in particular the development of relations with the Asian and Pacific region (APR), which accounts about the half of world industrial production and world trade. Relations between Ukraine and the Republic of Korea, as one of the largest trading partners with the APR, are characterized by duration and stability of relationships that determines the need to study the prospects of further cooperation.
The review of scientific sources indicates that Korea is considered by scientists mainly in the context of markets of ascending countries. However, the state of foreign economic relations of Ukraine and Korea, as well as priority areas of their cooperation requires further study.
The aim of the research is the assessment of the state and prospects of the development of foreign economic relations of Ukraine and Korea.
Materials and methods. The information base of the work is presented by scientific works of domestic and foreign scientists, analytical reports and statistic data. The survey is conducted with the use of general scientific methods: systematic approach, analysis and synthesis, theoretical generalization and comparison.
Results. The state of foreign economic relations of Ukraine and Korea is analyzed; the place of studied countries in the global economy and the structure of the formation of their added value are evaluated. The analysis of the commodity structure of foreign trade is conducted and the main indicators of investment activity of Ukraine and Korea are characterized. The perspective directions of cooperation between Ukraine and the Asian and Pacific region are determined.
Conclusion. Ukraine investment cooperation with Korea remains extremely weak. The direct inclusion of Ukraine in the Asian investment capital flows and the increased efforts on the integration of the country into global and transcontinental projects initiated and introduced by Korea is necessary in order to strengthen the relationships. As Korea is one of the global leaders nowadays, which is characterized by the expansion of investment capitals, the strengthening of economic cooperation between Ukraine and Korea is being highly actualized. The predominance of the extensive type of economic growth in Ukraine and the export of goods, which are traditional for the economy, determines the search of ways of the diversification of the export commodity structure to enhance its innovativeness and expansion of the geographical structure through cooperation with the Asian and Pacific region as an important strategic partner of Ukraine in the sphere of foreign trade and investment activity.
Keywords: export potential, value added, diversification, foreign economic relations, foreign trade policy.