South Korea’s Overseas Resource Development Strategy: Concentrative Breakthroughs, Comprehensive Trade and Beyond

Abstract: Since the start of the 21st century, the development of overseas resources has increasingly become a natural means for South Korea to guarantee its economic security.As such, the South Korean government has gradually formulated a strategy for developing resources overseas.Characteristics of this strategy include: it is guided by the government or state owned enterprises; it focuses predominately on Central Asia, Latin America, Africa, Russia and other states emerging as suppliers of energy, and in these states, it has resolved to concentrate its capital investment; it leverages its own technology or experience to obtain access to rich resources, or comprehensive, package deal. On the basis of this strategy, the South Korean government sets and regularly revises its specific policies, and has seen significant results.These include the rapid expansion of South Korean investment in overseas resource development, with Latin America and Africa as key examples.While so, there are still some outstanding difficulties with South Korean investment in the resource sector, and this article offers several policy considerations towards overcoming these challenges.

About the Authors: Lin Qinxi (South Korea) is a MA Student in the School of International Studies at Renmin University of China; Shi Yinhong is a Professor in the School of International Studies at Renmin University of China