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Table 1:
Export growth and economic development of South Korea
Years
Real GDP Growth Rate, %
Export Values, Annual
Average, US$ Billions
Ratio of Export to GDP, %
1962-1966
8.0
0.2
7.7
1967-1971
9.7
0.6
13.7
1972-1976
8.4
4.4
27.8
1977-1981
6.1
15.4
31.5
1982-1986
8.7
28.2
34.4
1987-1991
9.2
61.4
32.1
1992-1996
7.0
102.0
28.7
1997-2001
4.3
146.8
42.8
2002-2006
4.8
247.8
31.2
2007-2009
2.5
395.3
42.2
2010-2014
3.9
130.4
51
2015-2019
2.2
150.4
40
Source:
Calculations based on data from World Development Indicators,
https://databank.worldbank.org
In the 2000s, the main features of the system were the implementation of general marketing support
for the segment of SMEs (small and medium-sized enterprises). The key elements of this program were:
strengthening financial support for exports, introducing a system of international product certification, as
well as active consulting support for export-oriented SMEs in the country. As a result, by the end of 2008,
South Korea's exports amounted to more than 400 billion US dollars. A new stage in the evolution of the
state system for stimulating foreign trade began in the 2010s. Initiatives that began to be implemented during
this period included: support for online exports (e-commerce), support for SME participation in the
outsourcing segment of multinational corporations, a certified trading company system, the introduction of
the Global Market Developer (GMD) program as a platform for the export of small and medium business, as
well as individual initiatives to stimulate the export of agricultural products.
At the same time, general marketing support program examines the role of education, training and
dissemination of knowledge, which undoubtedly played an important role in the development of Korea.
However, they cannot be considered the main factors, as it is known that in the period from 1962 to 1994 the
government did not spend more on education than other developing countries with the same level of per
capita income, but attracted foreign education services providers and western curriculum and programs to the
national universities.
As of 2019, the country's GDP was $ 1.63 trillion, whereas the positive foreign trade balance of the
Republic of Korea in 2019 amounted to US $ 38.88 billion, respectively, the volume of exports in 20 19 was
equal to US $ 542.23 billion and imports - US $ 503.34 billion [9]. At the end of 2019, the export of the
Republic of Korea was formed primarily due to the supply of engineering products, the automotive industry,
the oil refining industry, metallurgy, products of the electronic and electrical industries (semiconductors,
computers and components for them, etc.), and shipbuilding [10]. In modern conditions, the South Korean
state actively promotes high-tech export of the IT industry, carried out mainly by large businesses. Particular
importance is attached to the semiconductor industry, as conductor production accounts for 5% of South
Korean GDP and 15% of exports. Export services mainly consist of transport, tourism, construction,
telecommunication and IT services.
Based on the review of the development of the Korean economy, the following recommendations
can be developed for decision-makers in the field of economic policy in the Republic of Uzbekistan:
An export-oriented government industrial policy has to shape the vertically “deepen”
Uzbekistan's industrial structure characterized by rapid grow of capital goods, machine tools and other heavy
equipment sectors: the machinery and equipment industry has to achieve a rate of growth about 2.5 times up
to 2030, and about a third of total capital goods sector output has to be exported.
Along with the shaping of the machinery and equipment sector, the electronics-based sectors
should be also developed rapidly, progressing to the production of such complete consumer products as color
smart televisions, notebooks, notepads, smartphones, robots, electro cars.
Uzbek Economy needs significant investment in infrastructure: the added value in construction
has to increase up to 8-10% of the total value added in the economy; heavy industry should be significantly
developed, and investment share of GDP has remain not less than 30% for a decade,
A significant increase in the quality of the workforce is needed through the development of
education, health care, social protection. Until 2030, the country’s tertiary gross enrollment ratio has to
175
increase up to 60%, and a number of the students studying abroad have to rise up to 100 thousand. A special
focus should be given to educate many hundred thousands of engineers and IT specialists.
If exports run into difficulties, the government has to introduce policy measures to stimulate
export demands by devaluating exchange rate, introducing export subsidies, or other export incentive
systems. The devaluation should be conducted based on a study comparing world and domestic prices, with
the new rate reflecting the average purchasing power parity in international markets.
The monetary policy has to be focused to place a real rate of interest more in line with the
prevailing real rate of return on capital, to enable a shift from quantitative credit rationing towards “market”
allocation, and to encourage domestic savings. At the same time, it is important to shape a credit market in
which the interest rates charged by the banks to export-oriented, and commercial-oriented businesses get
considerably below the commercial rate, accounting for 40 to 60% of the latter.
At the same time, prior to the WTO accession, protective foreign trade policies covering export -
oriented sectors would be needed to improve the Uzbekistan’s balance of payments position.
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