The government is preparing for Korean reunification through various exchange and cooperation with North Korea in economic, social and cultural fields. Such inter-Korean exchange and cooperation can contribute to securing peace in Northeast Asia by easing political and military tension and building an economic community, which ultimately serves as a prerequisite to reunification.

In this regard, there is a growing need for policies to promote inter-Korean exchange and cooperation and for legal support to lay the foundation for railway connection to enhance economic mutual complementarity.

This inter-Korean rail connection project will develop beyond the scope of transportation for logistics operation into a means of restoration of history, cultural exchange and communication through personnel exchanges, thereby becoming a cornerstone of common prosperity in Northeast Asia.

Accordingly, the bill aims to incorporate matters concerning the promotion of inter-Korean railroad exchange and cooperation industry in the basic plan for the development of the railroad industry; to allow the Minister of Land, Infrastructure and Transport to conduct studies and research on the North’s railroad industry policy and current status, etc., in order to promote inter-Korean exchange and cooperation; and to allow the Minister to designate a specialized institution, or to request the related organizations for cooperation, and to defray their expenses where necessary, thus laying the foundation for the joint development of the inter-Korean railroad industry and peaceful coexistence in Northeast Asia (Article 4, paragraph 2, subparagraph 7-2 and Article 12-2 newly inserted).

Aim to conduct studies and research on the policy and current status related to the railroad industry in accordance with the Act on the Establishment, Operation and Support of Government Funded Invested Research Institutions; to designate a specialized institution, or to request the related organizations for cooperation, and to defray their expenses where necessary, thus laying the foundation for the joint development of the South and North’s railroad industry and peaceful coexistence in Northeast Asia (Article 5, paragraph 2, subparagraph 7-2 and Article 12-2 newly inserted).