Monday, February 08 2016

Home > News > World News

South Korean plan for North Korea's infra development

Posted on Aug 18 2014 | IANS

Seoul, Aug 18 : South Korea Monday unveiled its 2014 action plan to develop infrastructure in North Korea.

Seoul's unification ministry submitted the action plan to the parliamentary committee for foreign affairs under the basic framework for inter-Korean relations development, Xinhua reported.

If ties between Seoul and Pyongyang improve, South Korea plans to review the repair and renovation project for the expressway between Kaesong and Pyongyang and the railway linking from Kaesong to Sinuiju.

Kaesong is a home to the inter-Korean factory park, the last remaining symbol of economic cooperation between the two Koreas, and Sinuiju is North Korea's special administrative region bordering Dandong, China.

Also included in the plan were the flood prevention business at the Yalu River, support for the North Korea's fishing industry and the business to invigorate shipping between the two Koreas.

It was the first time the South Korean government announced a detailed investment plan for the infrastructure development in North Korea, though Seoul attached the condition of improved inter-Korean relations.

The action plan mentioned resuming the inter-Korean trade and the existing inter-Korean economic cooperation projects as well as launching new economic cooperation projects in accordance with how relations between Seoul and Pyongyang make progress.

It indicated it would lift the May 24 sanctions, which have banned all inter-Korean exchange except for the Kaesong industrial zone.

The sanctions were imposed by South Korea in 2010 when the South Korean navy corvette Cheonan sank in waters near the disputed western sea border in March that year.

Latest News: