Kwon Guhoon, Chairman of the Northern Economic Cooperation Committee, "The Korean Peninsula and Neighboring Countries Are All Beneficiaries"

'2020 Year of New Northern Cooperation' Policy Direction Announced... "2020 Summit Meetings with Russia and China"

[Asia Economy Reporter Ryu Jeong-min] The Presidential Committee on Northern Economic Cooperation, led by Kwon Gu-hoon, held a policy briefing on the "2020 Year of New Northern Cooperation" on the morning of the 12th at the Korea Press Center in Jung-gu, Seoul, stating, "The revitalization of the northern economy will benefit the Korean Peninsula and neighboring countries alike, but the realization of such a vision must be led proactively by Koreans."

Chairman Kwon said, "Over the past decade, seismic shifts in the existing international order, the trend of stagnation in international trade and the rise of protectionism, accelerated technological advancements, and changes in the geopolitical situation of the Korean Peninsula have simultaneously presented us with both crises and opportunities, much like 70 years ago," adding, "2020 is expected to see not only summits with Russia and China but also multiple high-level exchanges with other northern countries, making it a great opportunity to double the momentum of the New Northern Policy."

The Northern Economic Cooperation Committee plans to designate 2020 as the 'Year of New Northern Cooperation' and focus its capabilities on achieving the goals of creating future growth engines and establishing a foundation for inter-Korean unification.

[Image source=Yonhap News]

Chairman Kwon stated, "On the occasion of the 30th anniversary of diplomatic relations between Korea and Russia and Korea and Mongolia, we will establish a 30-year future economic cooperation strategy with these countries," emphasizing, "Especially with Russia, we will cultivate a new era of mutual growth and prosperity for the next 30 years through the conclusion of an FTA."

He added, "We will make this year one of significant expansion of financial platforms to support the expansion into northern markets and increase in major project orders," and said, "In the second half of this year, we will officially launch the Korea-Russia investment fund and begin discussions on cooperation between central banks with Mongolia and Central Asian countries, pursuing measures to strengthen financial cooperation tailored to the characteristics of each country and region."

Chairman Kwon also said, "We will focus on promoting the modernization project of the Zvezda Shipyard in Russia, smart farms, cooperation in the construction of agricultural product storage and processing facilities, technology transfer related to air quality improvement, the groundbreaking of the Primorsky industrial cooperation complex, and the spread of Korean Wave culture in new industries such as bio, medical, beauty, and health."

This content was produced with the assistance of AI translation services.