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Analysis on Development Issues in Central Asia and it’s Implications for Korea’s Development Cooperation economic development, economic cooperation

Author PARK Joungho, KANG Boogyun, and YUN ChiHyun Series 17-02 Language Korean Date 2017.12.27

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  During the transition period following the collapse of the Soviet Union, Central Asian countries underwent economic crisis and the collapse of the Soviet welfare system. In the 2000s, thanks to the income gained by oil and gas exports, Kazakhstan and Turkmenistan successfully transformed into upper middle income countries (UMIC). However, the Kyrgyz Republic and Uzbekistan are still eager to lift themselves out from lower middle income country (LMIC) status, while Tajikistan remains a low income country (LIC). There are various views on why Central Asia is lagging behind in economic development. Basically, the area’s geographical limitations as an inland region, political and security instability, and its planned economy are some of the key factors that impede the active development of trade, investment, technology and human resources. Moreover, the recent global financial crisis, the Russian economic crisis, and fall in commodity prices are causing the Central Asian economy to struggle.
  In this context, this study aims to provide an in-depth analysis on the development challenges in Central Asia, and provide policy suggestions for Korea’s development cooperation with Central Asia. Chapter 2 analyzes the current economic and social status in Central Asia based on the Sustainable Development Goals (SDGs). With additional consideration made for the national development strategies of each country, this study singles out six priority areas for cooperation: agriculture development, human resources development, trade facilitation, water management, renewable energy, and governance. Chapter 3 reviews the current status of development cooperation in Central Asia, illustrated in numbers. Case studies on Germany and Japan, two of the major cooperation partners of Central Asia, are introduced for implications to Korea’s development cooperation. Chapter 4 evaluates Korea’s development cooperation policy toward Central Asia, and identifies major achievements and key issues to be improved for future cooperation.
  This study concludes by providing some policy implications. Firstly, Korea needs to design customized strategies that reflect the demands for new development cooperation in Central Asia. Korea should identify the actual needs of the Central Asian region in accordance with changes in its internal and external situations, and establish measures to improve development effectiveness by building an organic cooperation system among different government departments. Secondly, differentiated development cooperation plans for individual Central Asian countries should be established and implemented. Such factors as basic national competence, economic development status (population, resource, socioeconomic infrastructure, etc.), and the basic directions of national development policies should be considered comprehensively. Thirdly, qualitative improvement in Korea’s development cooperation policy is necessary. This can be achieved by expanding private and global partnership, including participation on the part of NGOs and private companies, diversifying development financing through strategic utilization of foreign direct investment and remittances, and establishing field-based policies based on actual development cooperation needs. 

 

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