As uncertainties increase within the global economic environment, the Korean government is enthusiastically seeking for a new economic growth engine through economic cooperation with Russia and the Eurasian countries. In particular, there is a growing need to expand the Eurasian trade network, based on an FTA with the Eurasian Economic Union (EAEU). In this context, building a new framework for industrial cooperation between Korea and the EAEU is strategically important. The Korean government should prepare a strategic plan to promote Korea-EAEU industrial cooperation, based on a comprehensive understanding of the industrial structures and policies of individual EAEU member countries.
  Based on this understanding, this study examines the key objectives and characteristics of each of the EAEU member countries’ industrial policies. Member countries show four characteristics in common. Firstly, they aim to foster high-tech industries by building the foundations necessary for the development of the manufacturing industry, along with promoting exports in the traditional industries. Secondly, they show closer attention to the development of alternative energy and smart power generation systems, in order to foster strategic industries. Thirdly, in line with development of the pharmaceutical industry, they place emphasis on biotechnology and new material development such as advanced biotechnology and nanotechnology. Lastly, they regard information and communication technology as one of the most promising growth engine industries, in preparation for the fourth industrial revolution. Likewise, the EAEU member countries are willing to strengthen their economic and industrial growth based on an industrial diversification strategy. In this regard, they have a common priority in four major growth engines: renewable energy, pharmaceuticals and biotechnology, information and communication technology, and food processing.
  When looking into the industrial structures of EAEU member countries, they are generally not competitive compared to that of Korea, but rather complementary, since they are concentrated in primary industrial products and the energy sector. In fact, the results of the RSCA and TSI analysis show that Korea and EAEU members are complementary in most of the industries and processing stages. Therefore, it is necessary to select promising fields for industrial cooperation, based upon consideration of future growth of the EAEU, as well as the strategies and competitiveness of the Korean economy. The promising sectors of industrial cooperation between Korea and the EAEU member countries include renewable energy, machinery, pharmaceutical and medical industry, aviation and space industry, IT, agriculture, and education.
  This study concludes with suggestions and strategies for industrial cooperation between Korea and the EAEU. Firstly, it is necessary to seek practical cooperation measures, based on understandings of the industrial policies of the EAEU as a whole, and those of individual member countries. Secondly, to formulate specific policy directions for industrial cooperation, it is necessary to establish plans for individual sectors through systematic analysis. Thirdly, to promote industrial cooperation, maintenance and efficient operation of the industrial cooperation system should be premised. Finally, Korea and the EAEU should establish a financial support system between the two economies, which will yield bigger opportunities and possibilities to cooperate in major industrial projects.