Korean policy in the field of energy security : implications for cooperation with South America

Abstract

As a country poorly endowed with natural resources, South Korea has no other option but to develop those resources abundant in other countries in order to secure their continuing supply. In this regard Korea's policy is oriented toward establishing a stable energy supply at the «top of the national agenda,» strengthening energy and mineral resources cooperation with countries of strategic importance, expanding investment funds for the development of these resources, and strengthening the basis of support for the business sector in overseas resources development. Latin America is an important region for Korea's energy security policy. The region has recently been the main destination of Korean investments for energy resources development. The Korean government has also pursued an active strategy of cooperation with Latin American partners by means of bilateral committees, and the exchange of high-level delegations including heads of state. Nevertheless, distance and lack of cultural links will continue to be barriers preventing increased investments in the region.