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Agreement at the 8th Round Meeting of the Inter-Korean Economic Cooperation Promotion Committee - Seoul ( March 05, 2004 )

ROK Ministry of Unificatin

South and North Korea held the 8th round meeting of the Inter-Korean Economic Cooperation Promotion Committee in Seoul from March 2 to 5, 2004.

At the meeting, the two sides discussed issues on economic cooperation for paving the road for mutual prosperity under the spirit of the June 15 South-North Joint Declaration and agreed as follows:

1. The South and the North shall proceed the development of Gaesong Industrial Complex, work to accomodate private enterprises so that they may begin production as soon as the preparation for the pilot project site of 33 thousand square meters is complete, and actively promote the construction of the infrastructure of the first-stage development area of 3.3 million square meters within the first half of this year; and starting next year, the two sides shall cooperate to accomodate private enterprises in phases as the preparation for the construction site progresses.

In relation to this, the enactment and promulgation of sub-regulations of the Law on Gaesong Industrial Zone and issues regarding the make-up and operation of the industrial zone management organization shall be resolved in March, and efforts shall be made on providing electricity and telecommunications on a commercial basis and in a timely manner for smooth production activities of enterprises.

2. The South and the North shall first test-run the Gaesong-Munsan section of the Gyeongui (Seoul-Shinuiju) Line and the Onjeongri-Jeojin section of the Donghae (East Coast) Line within this year, and complete the pavement work of the Gyeongui and Donghae roads as soon as possible.

In relation to this, the South and the North shall discuss issues regarding cooperation in designing and providing equipments and materials for constructing railway stations around the Northern Limit Line to the extent necessary for opening of the railroads.

3. The South and the North shall finalize the development plan of the Mt. Geumgang Tourist District at an early date and actively cooperate in devising institutional measures such as sub-regulations to revitalize Mt. Geumgang tourism project.

4. The South and the North shall operate upon consultation the Office of Inter-Korean Economic Cooperation for expansion of direct trade as soon as the office is established simultaneously with the Office of Gaesong Industrial Complex Development within the first half of this year in the Gaesong Industrial Complex, and shall actively cooperate for the revitalization of private economic cooperation projects.

5. The South and the North shall work to adopt an 'Agreement on the Prevention of Flood in the Imjin River Basin' through exchanges of documents, and accordingly, undertake an on-site survey from April.

6. The visit of South Korean economic mission to the North and the visit of North Korean working-level economic mission to the South shall be made at an early time as agreement is reached on this matter.

7. The 9th round meeting of the Inter-Korean Economic Cooperation Promotion Committee shall be held in Pyongyang from June 2 to 5.

The 3rd Working-level Consultative Meeting on Clearing Settlement shall be held in Paju in mid March, and the 4th Working-level Consultative Meeting on the Connection of Inter-Korean Railroads and Roads and the 3rd Working-level Consultative Meeting on the Prevention of Flood in the Imjin River Basin will be held respectively in Gaesong in late March.

March 5, 2004



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