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Wed Jul 11, 2018, 01:40 PM

Economic Development Plan for the Korean Peninsula

Last edited Wed Jul 11, 2018, 03:05 PM - Edit history (1)

As an outcome of the summit at Panmunjum between President Moon Jae In, and Kim Jong Un, there are representatives from South Korea meeting with North Koreans this week and later throughout the month, to plan economic development of the peninsula focused around three economic belts to achieve economic integration goals for a single market. As the graphic above (from Channel A news this morning) shows there will be the Yellow Sea economic belt on the western side of the peninsula, and an East Sea economic belt in the east. The third belt is the region along the DMZ, referred to as a peace cooperative belt. The goal is to build a a North South economic community. Railways are the focus of the two coastal belts. The requirements to reconnect railways severed by the DMZ will be explored, and inspections will be undertaken to evaluate the work necessary to get the lines to the North and other Asian markets opened. Proposals for withdrawal of military forces and weapons from the Cooperative Peace Zone in the area of the current DMZ are related to the third east west belt between North and South.

Other aspects of the market planned for North Korea involve development of region on the East Sea from Wonsan to Sokcho as a resort area similar to Cheju island in South Korea. Further north in the eastern region, the area from Sinpo to Dancheon, rich in natural resources would be subject to joint industrial development focused on energy and natural resources. It is interesting to note in this regard that Sinpo is well known among military analysts for its naval base at which SLBMs are being developed.

In the western region, Sinuiju, the North Korean city on the Chinese border where a large part of cross border trade takes place, (near Dandong China), is planned to be developed as an international trading zone, "like Hong Kong." Further south, the Nampo region in North Korea would serve as a special North South cooperative zone for production of energy.

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