Lee In-young, Who Gathered Business Circles, Says "Preparing for North Korea Individual Tourism, Inter-Korean Railways, and Kaesong Industrial Complex" (Comprehensive)

Unification Minister: "US Election, a Crucial Turning Point in the Situation"
"Inter-Korean Economic Cooperation May Start Sooner Than Expected"
"Hope to Establish Seoul-Pyongyang Representative Offices and Contact Points in Sinuiju, Rajin, and S?nbong"

Minister of Unification Lee In-young is speaking at the 'Unification Ministry-Business Leaders Meeting' held on the 23rd at Lotte Hotel in Jung-gu, Seoul. On this day, the Ministry of Unification met with business representatives including Samsung Electronics, SK, LG Electronics, and Hyundai Motor Group to explore the roles of the government and companies for future inter-Korean relations development, such as economic cooperation. Photo by Moon Ho-nam munonam@

Lee In-young, Minister of Unification, met with business leaders on the 23rd and said, "The outcome of the U.S. presidential election is an important turning point in the (Korean Peninsula) situation," adding, "During this period of change, it is important for the government and companies to prepare the time for inter-Korean economic cooperation by sharing roles."

At a luncheon meeting with economic figures including Samsung, SK, LG, and Hyundai Motor Group held at Lotte Hotel in Jung-gu, Seoul, in the afternoon, Minister Lee stated, "Inter-Korean economic cooperation is not a distant future but could possibly start sooner than expected," expressing this view.

Regarding the Biden administration's North Korea policy direction, Minister Lee said, "They have left room for a summit on the condition of North Korea reducing its nuclear capabilities, and mentioned the need to present a future vision to North Korea through an appropriate mix of strengthening and easing sanctions," evaluating that "in some sense, this suggests a more flexible approach than before."

He added, "In the future, as COVID-19 vaccines and treatments are developed and progress is made in denuclearization negotiations, there may be opportunities for flexibility in sanctions against North Korea," and said, "For us, it is necessary to create strategic space that allows North Korea to come forward as a cooperative partner between the South and the North ahead of any other country."

Minister Lee emphasized, "The government will prepare the environment for economic cooperation by overcoming risks, steadily prepare tasks related to individual tourism in North Korea, railway and road connection projects, and the resumption of the Kaesong Industrial Complex, and will discover and promote very small but mutually beneficial economic cooperation projects."

Lee In-young, Minister of Unification, is speaking at the 'Unification Ministry-Business Leaders Meeting' held on the 23rd at Lotte Hotel in Jung-gu, Seoul. On this day, the Ministry of Unification met with business representatives including Samsung Electronics, SK, LG Electronics, and Hyundai Motor Group to explore the roles of the government and companies for future inter-Korean relations development such as economic cooperation. Photo by Moon Ho-nam munonam@

Minister Lee also assessed that North Korea has internal incentives for change more than ever before.

He said, "North Korea, which suffered economic difficulties this year due to the triple hardships of COVID-19, sanctions, and natural disasters, will inevitably focus much more on economic achievements next year," and predicted, "With the 8th Party Congress scheduled for January next year as a turning point, economic development will be set as a much higher priority goal than now."

Additionally, Minister Lee proposed regular meetings between the government and companies to establish a vision for inter-Korean economic cooperation in the post-COVID era.

Yeo Sang-gi, spokesperson for the Ministry of Unification, explained at the regular briefing that "this was prepared with the intention of hearing opinions on inter-Korean economic cooperation from businesspeople who visited Pyongyang as special envoys during the inter-Korean summit in September 2018 and to consider the roles of the government and companies."

Samsung Electronics President Lee In-yong, who attended the meeting, said, "Unfortunately, inter-Korean relations have not developed stably over the past two years, which is regrettable for us as well," adding, "Companies dislike uncertainty the most. We sincerely hope that inter-Korean relations will develop stably."

Besides President Lee In-yong, the luncheon was attended by Park Young-choon, Vice President of SK, Yoon Dae-sik, Executive Director of External Cooperation at LG Electronics, Lee Bo-sung, Director of Global Management Research Institute at Hyundai Motor Group, as well as Baek Hoon, CEO of Hyundai Asan, Jung Chang-hwa, Head of Management Support at POSCO, and representatives from economic organizations such as the Korea Chamber of Commerce and Industry, Korea Employers Federation, Korea Federation of Small and Medium Business, Korea Women Entrepreneurs Association, and Kaesong Industrial Complex Enterprise Association.

Minister of Unification Lee In-young is speaking at the 'Unification Ministry-Economic Leaders Meeting' held on the 23rd at Lotte Hotel in Jung-gu, Seoul. On this day, the Ministry of Unification met with business leaders including Samsung Electronics, SK, LG Electronics, and Hyundai Motor Group to explore the roles of the government and companies for future inter-Korean relations development, such as economic cooperation. / Photo by Moon Ho-nam munonam@

Meanwhile, before the meeting, Minister Lee visited the National Assembly and stated that the Kaesong Inter-Korean Joint Liaison Office, which North Korea unilaterally blew up, must be rebuilt, expressing hope for the establishment of liaison offices and trade representative offices in Seoul, Pyongyang, as well as in Kaesong, Sinuiju, Rajin, and Seonbong areas.

In his opening remarks at the forum titled "Seeking Ways for the Progressive Resumption of Inter-Korean Liaison and Consultation Organizations" held at the National Assembly Members' Office Building that morning, he said, "The restoration of permanent inter-Korean communication lines will be a signal marking the beginning of a 'time of peace,'" and added, "The change in the new inter-Korean relationship will start with the resumption of communication at the Inter-Korean Joint Liaison Office."

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