Prepared by ECLAC for the official visit of Geung-hye Park, President of the Republic of Korea, to several countries in the region
From the document:
This document was prepared by the Economic Commission for Latin America and the Caribbean (ECLAC) for the official visit of Geung-hye Park, President of the Republic of Korea, to several countries in the region.
The Republic of Korea’s success in economic and social development offers many lessons for Latin America and the Caribbean and the developing world as a whole. From being one of the poorest countries in the world in the early 1960s, in six short decades the Republic of Korea has succeeded in transforming itself into a high-income economy, a major manufacturing, scientific and export power and a highly cohesive society with impressive levels of educational achievement.
The main lesson that Latin America and the Caribbean can draw from this is probably that, regardless of the vagaries of the international economy, development is critically dependent on the quality and consistency of each country’s public policies.
A strategic medium- and long-term vision is critical, and the State must play a key role in its formulation and implementation. The Republic of Korea’s successful integration into the international economy is a striking testament to this. The Republic of Korea’s experience demonstrates that proactive, coordinated public policies that are tailored to a country’s resources and characteristics are an effective way to achieve dynamic, sustainable and equitable development.
The recent strategies to promote green growth and a creative economy are consistent with the long-term vision of
development that is a hallmark of the Republic of Korea. Its pioneering role in fostering green growth has placed the Republic of Korea at the forefront of global efforts to move towards more sustainable patterns of production and consumption.
Through this strategy, the Republic of Korea is seeking to specialize in know-how and technologies, which, as well
as reducing the risks of climate change, will act as new driving forces for growth in the coming decades. By focusing on the creative economy, the country is attempting to capitalize on its renowned strengths in education, science and innovation, making the third of these a mainstay of its economy and society.