Bolivia attempts to make investment environment more attractive for foreigner by introducing new laws and policies since 2014. It also tries to address major issues affecting investment attractiveness. For example, it has succeeded in poverty reduction from 38% to 17%.

To conclude, the major risks of operation in Latin America are connected with drug traffic, low level of education, corruption and lack of economic transparency, lack of economic diversification and strong vulnerability to world market fluctuations. Nevertheless, Latin American countries' leader are consciousness of the need to improve country's economic attractiveness and attempts to introduce economic reforms, eliminate political and social risks.



Results

The research on South Korean economic expansion tendencies in Latin America was made by the following steps. The major stages of South Korea economic expansion are defined, South Korea's trading and investment strategy with Latin America is revealed, competition in Latin America among Asian countries is studied, risks caused by Latin America's internal issues are identified. The results and findings of the research contribute to the following conclusions.

Firstly, South Korean economic expansion policy was developing by several stages. Initially, the need for economic expansion abroad appeared when South Korea has started to develop industry and replaced import substitution policy by export orientation policy. Later the need for new wave of exporting abroad appeared when South Korea possessing a status of a developing country within GATT experienced a high pressure from the USA and European advanced countries intending to deprive South Korea of a status of a developing country and, therefore, deprive it of special incentives securing local market.

Furthermore, new need for export orientation occurred when Asian crisis hit both South Korea and its major neighboring countries which were the major South Korea's export destinations and the need for new distant markets appeared. The latest stage is connected to modern issues related to the search for new sources of economic growth.

Secondly, South Korea's trading balance with Latin America is positive. Trade is the traditional and firstly appeared way of South Korea's economic expansion. South Korea's export to Latin American countries prevails over import approximately by 1.5 times. Mexico is South Korea's top ten trading partner. Moreover, it is among top seven countries South Korea has positive trade balance with South Korea's Top Trading Partners. Retrieved on 10 May 2019 from URL:http://www.worldstopexports.com/south-koreas-top-import-partners/. Chile possess tenth position among countries South Korea has negative trade balance with Ibid..

Nowadays South Korea's major trading partners in terms of export are Mexico (1.9%), Brazil (0.96%), Panama (0.286%), Chile (0.267%), Peru (0.159%), Argentina (0.146%), Colombia (0.142%) South Korea: Trade Statistics. Retrieved on 10 May 2019 from URL:https://globaledge.msu.edu/countries/south-korea/tradestats among Latin American countries. South Korea had negative trade balance with Chile, Peru, Bolivia and Trinidad and Tobago in 2017 Ibid.. South Korea's major trading partners in terms of import are Mexico (0.921%), Chile (0.795%), Brazil (0.774%), Peru (0.446%), Panama (0.295%), Colombia (0.136%) and Argentina (0.128%) Ibid..

South Korea attempts to diversify its export and import to Latin America to reach a more attractive status than China. South Korea attempts to widen export of goods which do not have competition with local producers. Nevertheless, trade volume is usually vulnerable in case of crisis.

Thirdly, South Korea increase the number of Free Trade Agreements. It allows to eliminate barriers and prevail over other foreign actors not concluded FTA. Study on possible Free Trade Agreement benefits started in 1999 after the Asian crisis hit economy in 1997. It led to first Free Trade Agreement conclusion with Chile which went into effect in 2004.

Now South Korea has 15 Free Trade Agreements with 52 countries. These countries currently produce 77% of world GDP. Nowadays South Korea has concluded Free Trade Agreements with Chile, Peru, Colombia, Central America (except Guatemala) among Latin American countries and blocks. Free Trade Agreements with Mexico, Ecuador, Guatemala, MERCOSUR are under negotiation.

Fourthly, South Korea increases foreign direct investments. Caribbean Basin initiative concluded in 1984 provided a basis for South Korean investment to Latin America. It provided Central American countries special incentive in trade with the USA. Therefore, South Korea started to invest into Central America as an intermediary market in order to easily get access to the USA market.

Later South Korea focused has changed to South America after MERCOSUR establishment in 1991. Nevertheless, the focus remained on Mexico which has joined NAFTA in 1994. Mexican market was perceived as both intermediary market close to the USA and an end large market with large share of middle class.

Nowadays most of South Korean investments are accumulated in construction, mining, logistics, energy, agriculture. Though South Korea did not establish diplomatic relations with Cuba, the countries discuss cooperation in energy, medicine and finance sectors.

Furthermore, China and Japan were revealed as major Asian rivals in Latin America. China's expansion started in 1990s, while Japan has long term ties with the region but had a decline in collaboration during China's rise there due to internal economic issues.

China except its bilateral trade volume with Latin America will achieve $500 billion in 10 years. It also largely invests into the region, predominately into mining, transportation systems and construction sectors. In February 2018 in Chile China's leader announced that the whole Latin America is to be joined Belt and Road Initiative.

Recently, many Central American countries such as Panama, Dominical Republic, El Salvador and Costa Rica which recognized the Republic of China turned to the People's Republic of China. It led to increase in collaboration as well. At the same time, after Brazil's new president started to rule in 2019, he implemented anti-China policy to secure Brazil's resources from China. It is expected to negatively influenced trade and investment between the countries.

Since the end of 1950s Japan has started to provide financial aid to numerous countries and became Latin America's major donor in 2000s focusing on Brazil and Central America. It started to invest largely into Latin America in early 1970s starting with mining projects in Brazil and Chile. Consequently, it has durable experience in collaboration with Latin America and positive image there.

There was a decline in trade and investment volume in 1980s and 1990s between the regions because of “lost decade” in Latin America and crisis in Japan. Nevertheless, soon Japan quickly regained its position in Latin America. Now it is a major trading partner for Brazil, Mexico, Argentina and Chile.

Japan is vulnerable for natural resources supply and therefore, much of its import from Latin America is commodities. As for export, it exports a large share high tech goods.

Therefore, there is a strong competition in Latin America. Japan seems a rival because it operates in the same field as South Korea pretends and has similar in export and import composition. China is a rival because of its large share and volumes and high pace of entering.

There are numerous risks of economic collaboration with Latin America because of its internal issues. The major obstacle for efficient economic collaboration are the following. Drug traffic is a huge issue because it encourages underground economic transactions. Low level of education leads to low productivity of labor lack of skilled labor force, low trainability and weak R&D sector. Corruption and lack of economic transparency negatively influence economic indexes. Lack of economic diversification leads to strong vulnerability to world market fluctuations and instability in economy.

To conclude, though there is high competition in Latin America among Asian countries and a number of Latin America's internal issues, South Korea enter Latin America to secure its economic performance. South Korea's major import source in Latin America are Mexico, Brazil, Chile and Peru and it has negative trade balance with latest two of them, and its investments are mostly directed into natural resources extraction, mining and construction. Consequently, Latin America is an important source of natural resources for South Korean demanding industry.

In addition to that, South Korea has positive trade balance with most countries of Latin America. Its export prevails over import 1.5-2 times. Even during the Asian crisis export volume to Latin America remained almost at the same level. Therefore, Latin America is an important export destination for South Korea in context of the need for export diversification because of protectionism tendencies in its major economic partners.

Therefore, Latin America is an important partner for South Korea. South Korea succeeded to develop a proper strategy to succeed in economic expansion in Latin America. Following several stages of economic expansion, it confirmed its position in the region. It succeeded to integrate into Latin America concluding FTA with the major part of Latin America and take both political and economic benefits from such cooperation.



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