South Korea’s Economic Development and Trade Relations with Serbia: Trends and Perspectives

Mrdaković Sanela () and Todorović Miloš ()
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Mrdaković Sanela: PhD Student at University of Nis, Faculty of Economics, Republic of Serbia
Todorović Miloš: University of Nis, Faculty of Economics, Republic of Serbia

Economic Themes, 2021, vol. 59, issue 2, 211-226

Abstract: The spectacular economic development of South Korea in recent decades has continuously intrigued economists, academic community and general public. Whether such a development model be applied to other, less developed countries is one of the topics often explored in a number of studies and debates. Therefore, the principles of South Korean development model and the economic parameters of its foreign trade today, are some of the research aims of this paper. The research focuses on economic relations between South Korea and Serbia, current trends and prospects for future economic cooperation through the analysis of comparative advantage of the most prominent export products and industries, using the RCA index. The analysis shows that Serbia has a potential to further improve cooperation with South Korea in several export sectors, and coupled with investments in human resources and infrastructure, as well as the active promotion of Serbian market to South Korean companies, it may be one of the vectors of their future cooperation.

Keywords: South Korea-Serbia cooperation; Revealed Comparative Advantage; foreign trade; development model (search for similar items in EconPapers)
JEL-codes: L16 L52 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecothe:v:59:y:2021:i:2:p:211-226:n:7

DOI: 10.2478/ethemes-2021-0012

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