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2. Petroleum Industry Diversification in the Middle East and Its Policy Implications for Korea in the Era of Energy Transition
- Author:
- Kwon Hyung Lee, Sung Hyun Son, Yun Hee Jang, Kwang Ho Ryou, and Dawoon Lee
- Publication Date:
- 04-2022
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The GCC oil exporters including Saudi Arabia and the UAE are under strong pressure to prepare for decreasing global oil demand in the era of energy transition and carbon neutrality. To overcome these challenges, they need to diversify their industrial structure and develop low carbon technologies such as green hydrogen and CCUS (Carbon Capture, Utilization and Storage). This research is aimed to examine various mid-to-long term plans, industrial policies, and business cooperation cases to promote diversification in the Middle Eastern petroleum industry, suggesting policy proposals for cooperation between Korea and the Middle East and business opportunities in the region.
- Topic:
- Oil, Business, Diversification, Industry, Carbon Emissions, and Energy
- Political Geography:
- Middle East, Asia, and South Korea
3. Understanding the Firm-Level Export Diversification Characteristics in Botswana
- Author:
- Pinkie Gertrude Kebakile
- Publication Date:
- 01-2022
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- This Policy Brief unravels interesting insights pertaining to firm-level export diversification characteristics in Botswana, which is an approach that views export diversification at the micro-level. The following are the key highlights from the Policy Brief: • Exporters whose export portfolios are varied in terms of products and export markets, commonly referred to as multi-product multi-destination exporters in the literature fetch high export values, which is a prerequisite for sustained economic growth in the country. • The growth and diversification of Botswana’s export bundle is undermined by the exporters’ inability to break into new export markets. • The main policy message is therefore that to transition from the upper-middle income status to high-income status by 2036, the country needs to nurture and develop the multi-product multi-destination exporters. Targeted interventions aimed at developing these exporters are therefore called for.
- Topic:
- Business, Economic Growth, Diversification, Exports, and Trade
- Political Geography:
- Africa and Botswana
4. Better livelihoods through income diversification in Tanzania
- Author:
- Oliver Morrissey and Milla Nyyssölä
- Publication Date:
- 04-2021
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- Diversifying income sources is an important livelihood strategy for households in low-income countries. Having several sources of income helps in increasing total income, and in spreading the risks. New findings on the benefits of income diversification from Tanzanian households can inform policy aiming to develop welfare at the grassroots level and beyond.
- Topic:
- Labor Issues, Diversification, and Livelihoods
- Political Geography:
- Africa and Tanzania
5. Energising EU enlargement? The prospects of the Green Agenda for the Western Balkans
- Author:
- Wouter Zweers, Giulia Cretti, and Kristina Naunova
- Publication Date:
- 05-2021
- Content Type:
- Policy Brief
- Institution:
- Clingendael Netherlands Institute of International Relations
- Abstract:
- With the Green Agenda for the Western Balkans, the 2050 climate neutrality goal of the European Union has been extended to the six countries in South-Eastern Europe that aspire to join the Union. The Green Agenda is a promising tool for fostering climate and energy policy measures in the Western Balkans, a region with high vulnerability to climate change risks and little energy diversification away from coal. But could the Green Agenda also be a catalyst for renewed interest and enhanced political engagement, leading to a much-needed impetus to the EU enlargement process? This policy brief asks how the Green Agenda can work in the interest of both the objective of a climate neutral continent and the EU accession of the Western Balkan countries.
- Topic:
- Climate Change, Energy Policy, European Union, and Diversification
- Political Geography:
- Europe, Eastern Europe, and Balkans
6. Economic Policies of GCC Countries in the Era of Low Oil Prices and Their Policy Implications for Korea
- Author:
- Kwon Hyung Lee, Sung Hyun Son, Yun Hee Jang, and Kwang Ho Ryou
- Publication Date:
- 02-2021
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Over the past several decades, the six member countries of the Gulf Cooperation Council (GCC) have implemented economic policies for industrial diversification to lessen severe dependence on the oil industry. Such policy efforts have been driven by their awareness of macro-economic and structural risks from heavy volatilities in international oil markets in terms of fiscal and trade sectors. For instance, the drop in international oil prices reduces export performance in the oil and natural gas sectors, which in turn results in a decline in the stability of fiscal revenue. The recent trends of low oil prices since 2014, as well as high unemployment rates, have strengthened the policy regime for industrial diversification and job creation supported by mid- to long-term economic plans of the GCC countries. This report reviews what has been emphasized in the areas of industrial, employment, trade and investment policies. We then derive implications for Korean companies and policymakers for sustainable cooperation between Korea and the Middle East.
- Topic:
- Oil, Economy, Diversification, and Trade
- Political Geography:
- Asia, Korea, and Gulf Nations
7. Analysis of Economic Cooperation between Kazakhstan and South Korea
- Author:
- Yessengali Oskenbayev
- Publication Date:
- 01-2020
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- This article investigates the potential direction of the Kazakh-Korean economic relationship. The two countries have become major partners in their economic relationship. It is important for Kazakhstan to establish economic relations with South Korea, to diversify its economy. Kazakhstan’s economy is strongly dominated by mineral resources extractive sectors, and the country’s rapid economic growth during the period from 2000 to 2007, and afterward due to oil price increases, was not well translated into substantial growth of non-extractive sectors. Kazakhstan could employ strategies applied by Korean policymakers to sustain business and entrepreneurship development.
- Topic:
- Development, Bilateral Relations, Economic Growth, Economic Policy, Diversification, Trade, and Economic Cooperation
- Political Geography:
- Central Asia, Kazakhstan, Asia, and South Korea
8. Reset Overdue: Remaking U.S.—Saudi Relations
- Author:
- Annelle Sheline and Steven Simon
- Publication Date:
- 10-2020
- Content Type:
- Policy Brief
- Institution:
- Quincy Institute for Responsible Statecraft
- Abstract:
- • The U.S.–Saudi relationship is long overdue for a reset: The U.S. should push Saudi Arabia to engage productively with the region rather than tolerating policies that undermine stability. • Specifically, the U.S. should pressure Saudi Arabia to end the war on Yemen, end the blockade of Qatar, participate in the development of an inclusive regional security architecture, and respect the sovereignty of other countries and the human rights of Saudi citizens. • To encourage Saudi Arabia to adopt these policies, the U.S. should be prepared to support and invest in Saudi economic diversification and support the development of Saudi nuclear energy. If Saudi Arabia does not respond to these incentives, the U.S. should end all weapons sales to Saudi Arabia and seek other regional partners.
- Topic:
- Diplomacy, Human Rights, International Cooperation, Sovereignty, Political stability, Diversification, and Economic Development
- Political Geography:
- United States and Saudi Arabia
9. Coronavirus, Oil and Latin America: The Urgency of Economic Diversification and Energy Transition
- Author:
- Carlos Monge
- Publication Date:
- 08-2020
- Content Type:
- Policy Brief
- Institution:
- Natural Resource Governance Institute
- Abstract:
- Key messages: Companies are demanding temporary bailouts, requesting that governments subsidize them with breakeven prices over sale prices, and allow them to postpone tax and royalty payments and agreed investments. Such actions may be necessary to preserve jobs and ensure domestic energy supplies. Governments are considering lowering social and environmental standards, fast tracking procedures and providing long-term subsidies to support ongoing projects and to attract new investments. For an industry already facing its twilight, these actions are not justified. Governments must urgently move ahead with economic diversification and energy transitions to ensure the availability of jobs, energy and fiscal incomes that the oil industry currently provides.
- Topic:
- Energy Policy, Oil, Diversification, Renewable Energy, Coronavirus, and COVID-19
- Political Geography:
- Colombia, South America, Central America, Mexico, and Peru
10. Efforts of Oil Exporters in the Middle East and North Africa to Diversify Away from Oil Have Fallen Short
- Author:
- Adnan Mazarei
- Publication Date:
- 04-2019
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Faced with fluctuating oil prices and other uncertainties, the oil-rich countries of the Middle East and North Africa have made efforts—some for decades—to diversify their exports, in order to reduce their dependence on oil revenue and generate much-needed jobs. The results of these diversification efforts have been disappointing overall, raising concerns about the region's stability and potential risk to the global economy. Transparent public debates and dialogue are needed, especially with the private sector, about policies that have worked and those that have not, the costs and benefits of various diversification strategies, and improving governance of public resources being used for diversification.
- Topic:
- Oil, Natural Resources, Gas, Finance, Diversification, and Transparency
- Political Geography:
- Middle East and North Africa
11. Trade trends show China should take the opportunity to diversify its market
- Author:
- Dong Yan, Ma Yingying, and Xu Tingting
- Publication Date:
- 05-2019
- Content Type:
- Policy Brief
- Abstract:
- The China-US trade row has been drawing a lot of attention. A detailed review of the bilateral trade situation between China and the US from January through April is a good reference for the future trend. Also, as uncertainties loomed amid tariff hikes, some related US industries were afflicted, such as plants, minerals and precious metal in the first quarter.
- Topic:
- Markets, Tariffs, Trade Wars, Diversification, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
12. Industries without smokestacks: Industrialization in Africa reconsidered
- Author:
- Richard Newfarmer and John Page
- Publication Date:
- 10-2018
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- Our research shows that structural change in Africa is relying on a new set of economic activities, called ‘industries without smokestacks’, created by recent technological changes and a changing global market place. Adopting a broad concept of industrialization is crucial to recognizing that manufacturing, while important, is not everything. However, a lot needs to be done internationally, regionally and at the country-level to push these unique drivers of structural change.
- Topic:
- Development, Economic Growth, Investment, Diversification, and Industry
- Political Geography:
- Africa
13. Repensando la gobernanza y el desarrollo económico local desde Colombia: Informalidad, élites y diversidad
- Author:
- Sergio Montero, Tobias Franz, and Miller Choles
- Publication Date:
- 10-2018
- Content Type:
- Policy Brief
- Institution:
- Centro Interdisciplinario de Estudios sobre Desarrollo (CIDER), Universidad de los Andes
- Abstract:
- Durante la mayor parte del siglo XX, el contexto económico y político en Colombia ha sido caracterizado por políticas de desarrollo regional implementadas de modo jerárquico y vertical por parte del gobierno nacional. Sin embargo, durante las últimas décadas de descentralización, democratización y neoliberalización del Estado en Colombia han surgido nuevas formas de pensar cómo se gobierna y planea el desarrollo de los territorios. En este contexto, el concepto de gobernanza, basado en la idea de que las decisiones de gobierno y política pública deben hacerse a través de redes y asociaciones horizontales entre actores del gobierno, del sector privado y de la sociedad civil, se ha generalizado y expandido a gran velocidad por el país. Hoy en día, no sólo en Colombia sino en toda América Latina, difícilmente podemos encontrar unas guías sobre desarrollo territorial que no incluyan los procesos participativos, la planificación estratégica o las asociaciones público-privadas (APP) como instrumentos deseables en el diseño, planeación e implementación de políticas públicas de desarrollo económico local y regional. La idea de gobernanza es útil para ir más allá de dicotomías como Estado vs. sociedad, o público vs. privado que, por mucho tiempo, han dominado los estudios de gobierno y desarrollo. No obstante, es importante también entender cómo la mezcla de las nuevas herramientas de la gobernanza y las dinámicas institucionales propias de Colombia hace que las relaciones, supuestamente horizontales, de la gobernanza y sus beneficios para el desarrollo local no sean tan fáciles de alcanzar e implementar en la práctica.
- Topic:
- Governance, Partnerships, Diversity, Diversification, Economic Development, and Elites
- Political Geography:
- Colombia and Latin America
14. Subnational Oil, Gas and Mineral Revenue Management
- Author:
- Andrew Bauer
- Publication Date:
- 07-2013
- Content Type:
- Policy Brief
- Institution:
- Natural Resource Governance Institute
- Abstract:
- This paper discusses challenges and approaches in managing resource revenues at the subnational level. Subnational resource-rich governments face distinct challenges in managing revenues from volatile, exhaustible resources. These include: unpredictable and discretionary resource revenue transfers between national and subnational governments, which can undermine development planning; resource revenue volatility which can lead to wasteful spending, poor quality investments; over the longer term, the finite nature of oil, gas and mineral revenues can lead to a long period of economic growth followed by a depression; and difficulty in scaling up public investment efficiently when experiencing a revenue windfall. To address revenue volatility, subnational governments can “smooth” expenditures by delinking revenues from expenditures. When revenues are unexpectedly high, governments can run a surplus, to be saved or used to pay down public debt. When revenues are unexpectedly low, they can draw on those savings or borrow. To prevent long-term booms and busts, governments can also save a portion of resource revenues for future generations, as well as invest in the local economy to generate future growth. Fiscal rules can underpin these policies, constraining government spending decisions and compelling government bodies to adopt a long-term perspective on public finances. Development planning can help prepare resource-rich regions for life after their oil, gas or minerals have been depleted. Planning helps prevent shortsighted reactions to temporary ebbs and flows in oil or mineral revenues, helps define the role of the resource sector in development, and lays the groundwork for a thriving post-extractive economy.
- Topic:
- Oil, Governance, Gas, Tax Systems, Diversification, Revenue Management, and Minerals
- Political Geography:
- Global Focus
15. Export Diversification and Infrastructure: The Cost of Utilities for Business
- Author:
- Margaret Sengwaketse
- Publication Date:
- 06-2007
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- This policy brief focuses on the role of infrastructure and, in particular, the cost of utilities and their impact on export growth and diversification. The availability of and access to infrastructure s an essential prerequisite for the competitiveness of firms and countries in world markets. Inadequate access--in terms of cost and availability--to water, power supplies and telecommunications make it difficult for firms to operate efficiently.
- Topic:
- Infrastructure, Diversification, Exports, and Utilities
- Political Geography:
- Africa and Botswana
16. Trade Facilitation and Export Diversification in Botswana Part I: Customs and Border Procedures
- Author:
- Margaret Sengwaketse
- Publication Date:
- 04-2007
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- This policy brief focuses on customs and border procedures in Botswana and their role on export diversification initiatives. Customs is at the centre of trade facilitation because it is where the majority of administrative and procedural requirements involved in the movement of goods are and where the highest potential gains in trade facilitation are to be found. The policy brief is based on the findings of the 2005 BIDPA and World Bank study entitled "Diversifying Botswana's Exports: An Overview."
- Topic:
- Economy, Borders, Diversification, Exports, Trade, and Customs
- Political Geography:
- Africa and Botswana
17. Trade Facilitation and Export Diversification in Botswana Part II: Transport
- Author:
- Margaret Sengwaketse
- Publication Date:
- 06-2007
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- This brief reviews the contribution that transportation makes to trade facilitation in Botswana. As a landlocked, export-driven economy, efficient transport and transit procedures are important to support competitiveness and export growth. Transport costs are particularly important to landlocked countries, where the additional distances to be covered can increase product prices, undermine the competitiveness of exports, and generally make it more difficult to compete in international markets. The policy brief draws from the findings of the 2005 BIDPA and World Bank study entitled "Diversifying Botswana's Exports: An Overview," as well as other relevant studies.
- Topic:
- Markets, Diversification, Trade, Transportation, and Customs
- Political Geography:
- Africa and Botswana
18. Export Diversification: Is it Really Necessary for Botswana?
- Author:
- Joel Sentsho
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- Even though Botswana gained independence as a very poor country in 1966, over the last three decades the country has risen to the level of a middle income developing country. The country’s GDP growth averaged about 9 percent over the fi rst three decades of independence and was thus comparable to that of the East Asian Tigers. Perhaps the only disadvantage with this impressive growth is that it was and continues to be fuelled by the primary sector, particularly diamond mining, although copper/nickel and beef were also important in the earlier years. As early as 1982, the Government of Botswana recognized that dependence on a narrow range of exports was undesirable and could have adverse long-term consequences, and that export diversifi cation was necessary. However, despite numerous policies aimed at achieving export diversifi cation, it appears that there has not been much success, and while sustained high rates of economic growth have been achieved this has remained dependent upon the primary export sector, mainly diamonds. This raises fundamental questions: Is export diversification really necessary for Botswana? Could Botswana not continue into the future and achieve the ideals of Vision 2016 through continued primary export growth? These questions will form the focus of this policy brief. The main objective of this Policy Brief is to explore the reasons why Botswana continues to pursue the export diversifi cation strategy in spite of its limited success over the years. The Policy Brief is based on the BIDPA-World Bank study entitled “Diversifying Botswana’s Exports: An Overview”, fi nalized in July 2005, which argues strongly that export diversifi cation still needs to be pursued by Botswana. This policy brief will summarise the reasons advanced by the study for the pursuit of export diversification and make recommendations on the way forward.
- Topic:
- Development, Economy, Diversification, and Exports
- Political Geography:
- Africa and Botswana
19. Abundant Resource Endowment: A Basis for Successful Economic Diversifi cation
- Author:
- Joel Sentsho
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- It is widely accepted that achieving sustainable economic growth and development for resource-based economies must be based on economic diversifi cation. An economy is said to be diversifi ed if it has reached a level of industrial and economic development in which “no sector of the economy may be singled out as a major engine of economic growth.” For many resource-based economies, such as those based on minerals or agriculture, this economic diversifi cation appears to have been elusive, prompting some analysts of resource-based development to argue that resource-based economies are hard to industrialize and diversify. This policy brief agues this the “resource curse”, although widespread, is not inevitable, because abundant resource endowment also provides advantages that can enhance the potential for economic diversifi cation when appropriate policy choices are made. This policy brief discusses the reasons for pessimism in resource-based economic development, resulting in failure to achieve economic diversifi cation and sustainable economic growth. It then looks at why resource abundance can support successful economic diversifi cation. Finally, the policy brief outlines the policies that result from the two scenarios and concludes that there is reason for successful economic diversifi cation in resource-based economies provided appropriate policies are chosen and implemented.
- Topic:
- Economics, Economic Growth, Diversification, and Resource Management
- Political Geography:
- Africa and Botswana
20. Botswana’s Enabling Environment for Economic Diversification: Plugging the Holes
- Author:
- Victoria Ndzinge-Anderson
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- It is widely recognized that economies endowed with natural resources and highly dependent on one or two primary commodities for exports are susceptible to exogenous shocks that can lead to fl uctuations in export earnings. The unpredictable nature of export earnings from primary products, especially when a narrow range of such products is exported, makes it diffi cult for countries to plan and allocate their resources effi ciently, thereby hindering sustainable economic growth and development. This is particularly evident in countries where backward and forward linkages are limited or non-existent within and between resource-based sectors and the rest of the economy. The uncertainty over the stability of future output growth that often characterizes resource-abundant economies can be countered to some extent by economic diversi fi cation, which calls for the broadening of the range of products and services produced for export. This may include broadening the range of primary products exported, so as to reduce dependence on a narrow range of primary export products and avoid the associated vulnerabilities. Diversi fi cation may include increasing the degree of processing of primary products prior to export, which can lead to additional local value added and reduced dependence on primary product markets. More generally, diversi fi cation is usually understood to include the production of a range of industrial and service exports. Depending on the nature of the products, this can be a skilled labourintensive and technology-driven process that transfers growth-enhancing spillover bene fi ts to the rest of the economy and promotes sustainable economic growth. It is generally accepted that the private sector, de fi ned as all economic activities not produced by the public sector, is the most powerful tool for achieving economic diversi fi cation. It induces a spiral effect on foreign and domestic investment, growth, employment, productivity and poverty alleviation. Stimulating economic diversi fi cation through broadening the range of export products requires new investment in a range of activities, which is itself dependent upon the nature of the enabling environment for both domestic and foreign investment. Botswana’s enabling environment for investment was assessed in a Report prepared by BIDPA and World Bank entitled “Diversifying Botswana’s Exports: An Overview” (2005). This Policy Brief presents the main fi ndings of that assessment. It focuses on the achievements, challenges and the way forward for Botswana in providing a business environment conducive for economic diversifi cation. To this end, the Policy Brief also provides a critical overview of what has been achieved so far, and identifi es what remains to be done.
- Topic:
- Economics, Environment, Natural Resources, and Diversification
- Political Geography:
- Africa and Botswana