Inter-Korean economic cooperation: current state, restraints, and possible outlook

남북 추진중인 경협프로젝트...현실화하기 위한 필요조건은? At their maiden meeting,... President Moon Jae-in and and his North Korean counterpart agreed to implement economic programs designed to promote balanced growth. So how far have we come since then. Our Kim Hye-sung zooms in on the potential projects.... and the preconditions required to make them happen. Peace, denuclearization and... economic cooperation. Inter-Korean economic exchanges, reconnecting inter-Korean railways and roads in particular, were some of the key agreements signed in the Panmunjom Declaration at the first summit between South Korean President Moon Jae-in and North Korean leader Kim Jong-un last April. "Reconnecting rail and roads will enable free movement of people and resources, laying down the first step for other possible economic engagement. North Korea would be able to get help in modernizing its outdated social infrastructure and facilities. For the South, it would bring a new momentum for growth." If re-connected, South Korean exports would be able to reach China, Russia and even Europe through the Trans-China Railway and the Trans-Siberian Railway, cutting transport time to Europe by a third compared to sea routes. Already, in July, South Korean officials jointly inspected the railway sections on the North Korean side. Other possible projects include tourism at Mount. Kumgang, reforestation, and the reopening of the Kaesong Industrial Complex, which was shut down following heightened tensions between the two Koreas. Data by the Korea Institute for International Economic Policy show such engagement could result in an economic boost worth 150 billion U.S. dollars over the next three decades. But all these projects can happen only after UN sanctions on the North are lifted. "North Korea would have to show it is taking meaningful, actual steps to denuclearize before the lifting of UN sanctions, which would then allow legal investment in the North. South Korea also needs to work closely with the U.S., so that economic engagement doesn't come before denuclearization." Cautiously, preparations are underway. The inter-Korean cooperation fund has been increased by 14 percent on-year for 2019, South Korean companies like Hyundai Asan, have created special task forces to review investment projects in the North. All eyes are on the third Moon-Kim summit next week, and what agreements the two leaders can reach. Kim Hyesung, Arirang News. Arirang News Facebook:   / arirangtvnews   ------------------------------------------------------------ [Subscribe Arirang Official YouTube] ARIRANG TV:    / arirang   ARIRANG RADIO:    / music180arirang   ARIRANG NEWS:    / arirangnews   ARIRANG K-POP:    / arirangworld   ARIRANG ISSUE:    / arirangtoday   ARIRANG CULTURE:    / arirangkorean   ARIRANG FOOD & TRAVEL :    / arirangfoodtravel   ------------------------------------------------------------ [Visit Arirang TV Official Pages] Facebook:   / arirangtv   Twitter:   / arirangworld   Instagram:   / arirangworld   Homepage: http://www.arirang.com ------------------------------------------------------------ [Arirang K-Pop] YouTube:    / arirangworld   Facebook:   / arirangkpop   Google+: http://plus.google.com/+arirangworld