
The Korean government recognizes the imperative to improve the structure of the foreign exchange market to align with global standards, aiming for increased openness and competitiveness. The plan involves a twofold approach. One is a comprehensive reform of foreign exchange laws and regulations, notably the Foreign Exchange Transaction Act enacted in 1999, to adapt to evolving economic environments.

Korea stands out as a global ICT industry leader, represented by a high broadband internet penetration rate and substantial investments in ICT hardware/software and industrial robots. Despite impressive technological advances, the adoption of new technologies by Korean firms lags behind, particularly in smaller enterprises, posing a challenge to inclusive and equitable digital transformation. Initiatives are underway to bridge this divide, with a focus on supporting digital transformation in small and medium-sized enterprises (SMEs) across various industries.

While energy accessibility in East Africa is still low, global agenda on energy transition brings African countries moving towards increasing green energy supply such as solar and wind power. East African countries are cooperating in the energy sector to improve energy access and power generation through EAC Vision 2050 and EAPP.

Korea stands out as a global ICT industry leader, represented by a high broadband internet penetration rate and substantial investments in ICT hardware/software and industrial robots. Despite impressive technological advances, the adoption of new technologies by Korean firms lags behind, particularly in smaller enterprises, posing a challenge to inclusive and equitable digital transformation.

This study starts by highlighting how geopolitical factors, such as the US-China conflict and the Russia-Ukraine war, are reshaping global supply chains. The US-China conflict, marked by tariff wars and policy shifts, particularly affects key sectors like semiconductors and batteries. These conflicts reveal vulnerabilities in supply chains concentrated in specific countries and have been exacerbated by external factors like the COVID-19 pandemic
KIEP Opinion
- Driving Inclusive Digital Transformation in Korea 새글 2023.11.30
- Adapting to the European Energy Crisis: Insights and Policy Initiatives 2023.11.09
- Korea's Trade Policy in Evolving Indo-Asia-Pacific Geopolitical Landscape 2023.11.01
- India’s Rising Significance in Korea’s Economic Landscape 2023.10.17
- Back to Basics: Fiscal Space in a Low-growth Era 2023.10.06
World Economy Brief
- The structural improvement for Korea's foreign exchange market and its implications on Korean economy 새글 2023.12.01
- Energy Accessibility and Green Energy Cooperation in East Africa 새글 2023.11.30
- Increasing supply chain risks and Implications for Korea 2023.11.17
- Paris Agreement Article 6 and Implications for Korea’s NDC Implementation 2023.11.02
- North Korea’s Climate Change Challenges and the Need for International Cooperation 2023.10.30
KIEP News
- The 13th KIEP-IMF Joint Conference 새글 2023.11.29
- KIEP-SASS Korea-China International Seminar 2023.11.22
- Visit of key figures from Central Asia Strategic Research Think Tanks 2023.11.22
- The 27th Korea-Latin America Business Forum 2023.11.20
- 2023 APEC Study Centers Consortium Conference (ASCCC) 2023.11.15

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EAER Vol.27, No.3 (September 2023)
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