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Thursday, February 07, 2019, 19:19
ROK to spend US$12b in DPRK border areas over next decade
By Xinhua
Thursday, February 07, 2019, 19:19 By Xinhua

In this Dec 26, 2018 photo, officials from the Republic of Korea (ROK) and the Democratic People's Republic of Korea (DPRK) unveil a direction signboard for Seoul and Pyongyang during a groundbreaking ceremony for reconnecting and repairing roads and railways across the divided Korean Peninsula at Panmun Station in bordering DPRK city of Kaesong. (KOREA POOL / AFP)

SEOUL – The Republic of Korea's government said on Thursday that it will spend 13.2 trillion won (around US$12 billion) in border areas with the Democratic People's Republic of Korea (DPRK) over the next decade.

The money will be spent on 225 projects in inter-Korean border areas by 2030. Of it, 5.4 trillion won (US$4.8 billion) will come from the central government, 2.2 trillion won (US$2 billion) from local governments and 5.6 trillion won (US$5 billion) from the private sector.

The expanded investment for the next decade reflects changed situations at home and abroad, including improved inter-Korean relations and the need for balanced regional development 

Ministry of the Interior and Safety, ROK

According to the ROK’s Ministry of the Interior and Safety, the projects are aimed to establish foundation for inter-Korean exchange and cooperation, lay groundwork for a balanced regional development, stimulate ecological peace tourism in border areas and expand social infrastructure.

The development of the border areas had been limited for military security reasons. Total 2.8 trillion won (US$2.5 billion) was spent on developing tourism projects, building industrial complexes and expanding transportation infrastructure over the past eight years.

READ MORE: ROK defense report stops referring DPRK as enemy

The expanded investment for the next decade reflects changed situations at home and abroad, including improved inter-Korean relations and the need for balanced regional development, according to the ministry.

About 5.1 trillion won (US$4.5 billion) was allocated for 21 projects on establishing foundation for inter-Korean exchange and cooperation, including the construction of a two-lane road between Yeongjong Island and Shin Island along the country's western coast.

The ROK and the DPRK agreed to modernize and eventually connect railways and roads along the eastern and western Korean Peninsula. The two sides held a groundbreaking ceremony in December, but the construction had yet to be launched because of international sanctions on Pyongyang.

DPRK leader Kim Jong-un and US President Donald Trump agreed to hold their second summit on Feb 27-28 in Vietnam. They held their first summit in Singapore on June 12 last year.

This Dec 12, 2018 photo shows DPRK soldiers, top, are being greeted by ROK troops before crossing the Military Demarcation Line inside the Demilitarized Zone (DMZ) to inspect a dismantled DPRK guard post in the central section of the inter-Korean border in Cheorwon, ROK. (AHN YOUNG-JOON / POOL / AFP)

Regarding the restoration of the ROK section of the Gyeongwon Line, a train route between Seoul and the DPRK's eastern coastal city of Wonsan, an inter-Korean cultural exchange center will be built in Cheorwon, a ROK border town through which the Gyeongwon Line passes.

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To develop the border areas in a balanced way, 3.4 trillion won (US$3 billion) will be spent on 54 projects, including the creation of industrial parks and the improved conditions for business start-ups.

Some 3 trillion won (US$2.7 billion) was earmarked to stimulate ecological peace tourism in border regions, including the creation of a walking tour route near the Demilitarized Zone (DMZ) that has left the Korean Peninsula divided since the 1950-53 Korean War ended with armistice.

The remaining 1.7 trillion won (US$1.5 billion) has been allotted to 42 projects to improve domiciliation conditions, such as the expansion of cultural, sports and welfare centers, and the construction of liquefied petroleum gas supply networks.

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