The priorities of South Korea’s foreign economic policy are analyzed in the context of a changing relationship between the state and big business, with emphasis on the coordination of activities of the government and private commercial organizations which has contributed to the penetration of South Korean goods and services (and since the late 90s—investments as well) into the world markets. The author also dwells on the interaction of South Korean business with TNC, as well as on the government stand on that issue, and sums up the joint effort made by the government and big business in the late 90s and early 2000s to expand trade and economic relations with East Asian countries. Taking into account both positive and negative experience, the author analyzes possible consequences of South Korean government and big business’s modified approach to relations with Russia in the early 21st century.