A Study on Ways to Increase Economic Cooperation between Korea and Turkey

Abstract

Purpose - Despite friendly diplomatic relations between Korea and Turkey, relatively little attention has been paid to economic cooperation. This research aims to find ways to expand future-oriented economic cooperation between the two countries based on the demand for cooperation in each industry. Design/Methodology/Approach - In order to examine the possibility of cooperation with Turkey, the industrial structure of Turkey and related policies of were analyzed. In addition, the current status and direction of each industry in Turkey, along with foreign economic cooperation in Turkey, including Korea, were examined. Findings - First, technology compatibility and standardization can be realized by participating as a collaboration partner from the infrastructure establishment stage of the industry fostered by the Turkish government. Second, it is necessary to expand cooperation targets to state-owned enterprises and local conglomerates with monopolistic market power. Third, it is necessary to diversify cooperation methods by industry and growth stage because there is a large difference in the degree of development of each industry in Turkey. Research Implications - In order to deepen Korea-Turkey economic cooperation, it is essential to respond promptly to the actual demands for cooperation in each industry. However, since it is difficult to identify such demands at the level of individual companies, a cooperation system involving government departments, relevant public organizations, and major companies in each industry of the two countries needs to be built.