Economic studies

Diversification, modernisation and openness: three words that aptly describe the current economic situation in Russia. Moreover, Russia is not only a huge country, but also possesses huge energy resources that have made it a world power. However, the economic crisis is also forcing Russia to develop other economic sectors. This study offers an overview of the Russian economy and the country's plans for the future. Many opportunities will arise here for our Belgian companies. This study can be a first step in that direction.

This study was realised on the occasion of the Belgian economic mission to Russia in April 2011.

Document only available in French and Dutch.

Saudi Arabia, the largest economy in the Middle East, is recording solid growth prospects with an annual average growth rate of 4.9% for the period 2014-2017, driven by both private and public consumption and investment.

Rising oil revenues enabled the country to adopt the largest budget in its history in 2013. This budget amounts to EUR 221 billion and provides for expenditure that is 19% higher than in 2012.

Apart from the oil pipelines and the refineries, the diversification of the country's economic activities is one of the government's priorities. The pharmaceutical, construction, renewable energy and education sectors are steadily improving and have attractive potential for foreign investors.

On the occasion of the joint Belgian economic mission to Saudi Arabia (from 14 to 21 March 2014), the Belgian Foreign Trade Agency has published an economic study. The first chapter is devoted to the kingdom's macroeconomic situation, while the second contains an analysis of three dynamic sectors in which trade opportunities abound: infrastructure & logistics, energy and healthcare. This is followed by a selection of recent success stories of Belgian companies in Saudi Arabia.

Document only available in French and Dutch.

Singapore is an economic success story in many ways. In just a few decades, the country has climbed to the top of the list of the richest countries in the world. Today, the island state ranks 7th worldwide in terms of purchasing power.

Since 2010, the government has been promoting economic reform, focusing on high value-added sectors and limiting the inflow of foreign labour. In this way, it hopes to increase per capita economic output while improving overall productivity and competitiveness.

Free trade agreements are an inherent part of Singapore's trade policy. Here, Singapore is not only targeting new emerging markets, but is also striving to deepen its trade relations with Western economies. The recently adopted text of a new and ambitious free trade agreement with the European Union is proof of this.

On the occasion of the joint Belgian economic mission to Singapore from 22 to 28 November 2014, the Belgian Foreign Trade Agency published an "economic study". The first chapter is devoted to Singapore's macroeconomic situation, while the second contains an analysis of four dynamic sectors in which the trade opportunities are numerous: biomedical sciences, cleantech, logistics and banking technology. The study concludes with a chapter on Belgian success stories in Singapore.

Document only available in French and Dutch.

South Africa has natural resources in abundance. They form the basis of its economy, as evidenced by its modern farms and intensive mining activity. The country also has a wide range of services, especially in the financial sector.

The current government has made the continuous improvement of the transport, energy and communication infrastructure one of its spearheads. In this way, it wants to meet the growing need for modernisation and make full use of the country's pre-eminent position on the international trade scene.

The Belgian economic mission to South Africa from 20 to 27 October 2013, the first to be presided by HRH Princess Astrid, will focus on three very dynamic areas, namely diamonds, infrastructure and renewable energy.

This study was realised on the occasion of the Belgian economic mission to Angola and South Africa in October 2013.

Document only available in French and Dutch.

The Republic of Korea is known as one of the "Asian Tigers". This expression refers to the strong economic growth recorded in recent decades. The recently elected president, Moon Jae-in, shows a will to break with the previous government and includes the economy and diplomacy among her priorities. She wants to "make South Korea a fair and just society" with more transparency, which bodes well for trading partners and foreign investors.

The country is surrounded by two seas and a demilitarised zone separates it from North Korea, making its economy heavily dependent on international trade. With one of the most open economies in the world (an openness rate of almost 90%), the country reached sixth place as the world's largest exporter and tenth place as the world's largest importer in 2016.

This study was realised on the occasion of the Belgian economic mission to the Republic of Korea in June 2017.

Document only available in French and Dutch.