During the PyeongChang 2018 Olympic and Paralympic Winter Games, the heads of states of the three Baltic countries and South Korea agreed to launch a joint economic committee this year to explore possibilities of meaningful economic cooperation. The Baltic states, which are not familiar in Korea due possibly to their small size in terms of territory, population, economy and trade with Korea, share a common path in modern history. Since their independence from the Soviet Union in 1991, they sought to adapt to the market economy by liberalizing regulations, privatizing state enterprises and attracting foreign investments. They are now members of the WTO, the EU and the euroarea; and their regulatory regimes are considered among the most business-friendly in the world. On the other hand, their economies were the hardest hit in the EU during the Great Recession. And they all suffer from population decline and inequality. Apart from these macroeconomic similarities, their industrial structures show differences in specialization. Regarding the gains from strengthening the Korea-Baltic states economic relationship, the Baltics have the potential to attract Korean tourists and to host Korean IT companies and startups aiming to enter the European market. As for Korean firms, they can benefit from the EU-funded infrastructure projects in the region, increase its intermediate goods supply to the region and use the region’s strategic location and relatively low wage levels for localization and distribution to the European market. The PyeongChang 2018 Olympic Winter Games offered a rare occasion to improve the nearly nonexistent mutual understanding and economic relationship between Korea and the Baltics. Successfully launching the joint economic committee will be the first step to making the best out of it.