President of the Republic of Korea (ROK) Kim Dae-jung Monday proposed that South Korea and the Democratic People's Republic of Korea (DPRK) establish an "inter-Korean economic community."

Making his proposal in his message titled "New Millennium, New Hope," at a meeting attended by some 3,500 people, Kim said both Seoul and Pyongyang could gain much through their cooperation.

"I proposes today that research agencies on national policy from the two sides consult for establishing an inter-Korean economic community," said Kim.

Kim's proposal for the economic community is seen as a continuation of his "sunshine policy" which seeks reconciliation, exchange and cooperation based on separating business from politics.