Export Oriented Industrialization (EOI)
Adoption of the EOI
The Park Administration recognized that increased foreign exchange earnings from manufactured exports were necessary to meet the rapidly rising import bill for energy and other daily necessities. The park government also recognized that Korea's domestic market was insufficient for sustainable growth and lacked capital necessary to expand production capabilities.
The goal of the outward-looking development strategy by the Park government was to make maximum use of Korea's comparative advantage in labor-intensive manufactured goods for exports.
The Park Administration recognized that increased foreign exchange earnings from manufactured exports were necessary to meet the rapidly rising import bill for energy and other daily necessities. The park government also recognized that Korea's domestic market was insufficient for sustainable growth and lacked capital necessary to expand production capabilities.
The goal of the outward-looking development strategy by the Park government was to make maximum use of Korea's comparative advantage in labor-intensive manufactured goods for exports.
Foundation of the Economic Planning BoardEconomic Planning Board ; composed to establish the economic development plan, manage the capital needed in the development process, and to synthesize all the economic policies laid out. The Economic Planning Board was able to maintain a great autonomy and control the whole economic strategy under the President-supervised strategy guidelines.
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