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Kristiina Korhonen with Erja Kettunen & Mervi Lipponen DEVELOPMENT

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B - 6 6 JULKAISUJA Kristiina Korhonen HELSINGIN KAUPPAKORKEAKOULUN POLITICO-ECONOMIC RELATIONS POLITICO-ECONOMIC RELATIONS with Erja Kettunen & Mervi Lipponen with Erja Kettunen DEVELOPMENT OF FINNO-KOREAN DEVELOPMENT OF FINNO-KOREAN Kristiina KORHONEN WITH Erja KETTUNEN & Mervi LIPPONEN: DEVELOPMENT OF FINNO-KOREAN B-66 POLITICO-ECONOMIC RELATIONS 2005 N 951-791-984-0 ISSN 0356-889X B IS Kristiina Korhonen with Erja Kettunen & Mervi Lipponen DEVELOPMENT OF FINNO-KOREAN POLITICO-ECONOMIC RELATIONS HELSINGIN KAUPPAKORKEAKOULUN JULKAISUJA B-66 © Kristiina Korhonen, Erja Kettunen, Mervi Lipponen and Helsinki School of Economics ISSN 0356-889X ISBN 951-791-984-0 ISBN 951-791-985-9 (e-version) Helsinki School of Economics - HeSE print 2005 ACKNOWLEDGEMENTS This book derives from a long-standing interest in South Korea (hereafter Korea), frequent visits to the country, and periods of residence there in the 1990s. There are no earlier studies on Finno-Korean relations. However, the relations are worth of analysis as they show how two geographically and culturally distant countries can build close and beneficial relations. In addition, the present study shows that the development of Finno- Korean relations reflects clearly the dynamics of the world order. Our deepest gratitude goes to President Kwon In-Hyuk of Korea Foundation for taking our project to the research programme of the Foundation. Furthermore, we are deeply indebted to Professor Emerita Lee In-Ho and Ambassador Lauri Korpinen for their enthusiasm toward our project. The study was conducted at the Helsinki School of Economics (HSE). It was started in the department of International Business and finalised at the Center for Markets in Transition (CEMAT). In addition, parts of the study were conducted at the Nordic Institute of Asian Studies (NIAS) in Copenhagen in 2004. We would like to thank International Business Professor Hannu Seristö for arranging many practical things that helped us to realise the project, Director Riitta Kosonen for her support to the implementation of the project at the CEMAT, and Director Jørgen Delman who generously allowed us to use the facilities at the NIAS. The study required vast number of inquiries in various institutions, notably the Archives of the Ministry for Foreign Affairs of Finland in Helsinki and the Archives of the Finland – Republic of Korea Association in Helsinki. We are grateful for an opportunity to use these sources. For the financial support we would like to thank especially the Korea Foundation, but also the NIAS, the Research Foundation of Helsinki School of Economics, and the Helsinki School of Economics. At the HSE, Head of Research Services Tuula Ratilainen offered valuable guidance to us trough the application process, and at the Korea Foundation, Director Suh Ah- Jeong and Program Officer Chung Han-Uk guaranteed the smooth cooperation during the course of the project. The views expressed in the study are our own and do not necessarily represent those of the Finnish government or the Korean government. Helsinki, December 2005 The Authors TABLE OF CONTENT ACKNOWLEDGEMENTS ........................................................................................................i TABLE OF CONTENT .............................................................................................................ii LIST OF TABLES ....................................................................................................................iv LIST OF FIGURES...................................................................................................................iv ABBREVIATIONS....................................................................................................................v 1 INTRODUCTION..............................................................................................................1 1.1 The aim and the scope of the study ............................................................................4 1.2 Methodology of the study...........................................................................................7 1.3 Outline of the study ....................................................................................................8 2 BILATERAL RELATIONS IN THE POST COLD WAR NEW WORLD ORDER .....10 2.1 Actors responsible for the development of bilateral relations..................................10 2.2 Aims of the actors for the development of bilateral relations ..................................12 2.3 Structures through which bilateral activities are channelled....................................13 2.4 Proposals as new post Cold War world order ..........................................................15 2.5 Conclusions ..............................................................................................................20 3 THE CONTEXT OF EUROPE – ASIA RELATIONS ...................................................21 by Erja Kettunen 3.1 Europe – Asia connections: from past to present .....................................................21 3.2 Inter-regional cooperation within ASEM.................................................................23 3.3 The case of Finland: from bilateralism to multilateralism .......................................29 3.5 Conclusions ..............................................................................................................35 4 FINNO-KOREAN DIPLOMACY...................................................................................37 4.1 Traditional links of Finland to East Asia..................................................................37 4.2 Establishment of Finno-Korean diplomatic relations...............................................43 4.3 Establishment of Finnish Embassy in Seoul ............................................................46 4.4 From Cold War diplomacies towards a cooperative relationship ............................51 4.5 Conclusions ..............................................................................................................55 5 FINNO-KOREAN ECONOMIC RELATIONS ..............................................................57 5.1 Finnish trade with North Korea: start and end .........................................................58 5.2 The first Finnish business operations in South Korea..............................................59 5.3 Finno-Korean trade starts to develop .......................................................................63 5.4 Agreement on Economic, Industrial and Technical Cooperation ............................65 5.5 Korea becomes Finland’s second largest Asian trading partner ..............................68 5.6 Plans to utilise Finno-Korean cooperation in the Soviet Union...............................73 5.7 Recession in Finland in the beginning of the 1990s.................................................75 ii 5.8 From the Asia boom to the Asian crisis ...................................................................77 5.9 The era of information and communication technology ..........................................82 5.9 Conclusions ..............................................................................................................85 6 KOREA IN FINNISH BUSINESS PRESS......................................................................89 by Mervi Lipponen 6.1 Description of the material reviewed .......................................................................89 6.2 Korea in the articles..................................................................................................91 6.3 Discussion ..............................................................................................................101 6.4 Conclusions ............................................................................................................104 7 PARADIGM SHIFT IN FINNO-KOREAN RELATIONS...........................................105 REFERENCES.......................................................................................................................112 APPENDICES........................................................................................................................129 Appendix 1. Presidents of Finland and Korea....................................................................129 Appendix 2: List of Ambassadors ......................................................................................130 Appendix 3: Chronology of Finno-Korean relations (1971-2002).....................................131 iii LIST OF TABLES Table 1 Proposals for new world order .............................................................................16 Table 2 Agreements in economic cooperation and other issues at ASEM Summit meetings related to developments at the multilateral and regional levels............25 Table 3 Share of Asia in Finnish trade ..............................................................................78 Table 4 Summary of Talouselämä’s 50 recent articles reviewed......................................92 Table 5 Summary of the Finno-Korean politico-economic relations..............................107 LIST OF FIGURES Figure 1 The actors, aims and structures of bilateral relations...........................................20 Figure 2 Development of Finnish trade with Korea, 1977-2004........................................70 Figure 3 Cumulative volume of Finnish direct investment in Korea, 1984-2002..............81 Figure 4 Development of Finnish direct investment annual flows in Korea 1984-2002
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