August 12, 2013

Asian Century Country Strategy: South Korea


The Australian Governments, Asian Century Country Strategy for South Korea launched in August 2013 outlines the opportunities to build a stronger partnership with South Korea.

Extracted from the Australian Government Australia in the Asian Century, Towards 2025, South Korea Country Strategy:

Australia's vision towards 2025 is to build a stronger partnership with South Korea based on our complementary strengths.  As middle powers with strong economies and a commitment to supporting peace and prosperity in our region, our value to each other will only increase during the years ahead.

Since the middle of the 20th century, Australia and South Korea have developed a supportive relationship by focusing on the possibilities for trade and growth.  By 2025, we will have achieved a closer, more broadly based partnership.

As awareness of Australia continues to grow in South Korea and vice versa, an increasing number of people in both countries are rediscovering the relationship's potential.  South Korea is likely to see Australia as an increasingly attractive partner, despite both countries' growing engagement with the wider region.

However we still need to address several barriers to cooperation within the maturing relationship, regarding our trade and investment, and increased cultural familiarity.  After South Korea transformed its economic and political environment and increased its international engagement in the late 20th century, the global spotlight has moved away from South Korea.  However, along with Australia, South Korea was one of the few industrialised countries to weather the 2008-09 global financial crisis.  Towards 2025, South Korea can draw on its significant assets - including ample foreign reserves, substantial government borrowing capacity, successful industrial corporations and resilient people - to overcome the challenges it will face.

To read the full report please click here.

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