Inter-Korea Economic Meeting Reaches Agreement

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Last updated at: (Beijing Time) Saturday, November 09, 2002

Inter-Korea Economic Meeting Reaches Agreement

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The Democratic People's Republic of Korea (DPRK) and South Korea on Saturday agreed to accelerate the pace of building inter-Korean railways, constructing the Kaesong industrial zone and cooperating in maritime transportation.

The two sides reached the agreement, which was released on Saturday, after the four-day third meeting of the North-South Committee for the Promotion of Economic Cooperation, which startedhere Wednesday.

Under the agreement, the north and the south sides will reconnect the eastern railway and road links in Mt. Kumgang area and western railway and road links in the Kaesong industrial zone as the first phase, so that technical measures may be taken to promote Mt. Kumgang tourism.

Tourism in Mt. Kumgang was reclusively opened to South Koreans in 1998, but the past four years saw far less tourists and revenues than expected.

On the issue of the Kaesong industrial zone, the DPRK will promulgate the law on the Kaesong industrial zone in mid-November to pave way for the construction of the area in the second half ofDecember this year.

Located 160 kilometers southeast of Pyongyang, Kaesong has longbeen seen as an area of great economic potentials for South Korea.

According to the agreement, the two sides also agreed to discuss an agreement on cooperation in maritime transportation between the north and the south, and the use by fishermen from thesouth of part of the fishing ground in the east sea under the control of the north side.

The two sides also agreed to make joint efforts to facilitate the visit to the north side by the economic study group from the south side.

The third meeting was fixed at the second meeting of the North-South Committee for the Promotion of Economic Cooperation, which was held in Seoul, South Korea, in August this year.

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