ULSAN < invest Korea

On May 4, the city of Ulsan kicked off a meeting to launch a task force team led by the mayor to stimulate economic cooperation between South and North Korea.

The TF team was initiated by Mayor Kim Ki-hyun at the city's monthly business meeting held on April 30.

The team is made up of the Director of Creative Economy and members of related organizations such as the Inter-Korea Exchange and Cooperation, Ulsan Development Institute, Ulsan Technopark, Ulsan Port Corporation and the Ulsan Chamber of Commerce and Industry.

At the kick-off meeting, the central, provincial and municipal governments discussed the outcomes of the recent inter-Korean summit and discussed possible inter-Korean exchange and cooperation projects on the municipal level.

The city decided to first establish an institutional base for inter-Korean cooperation, such as the establishment of an inter-Korean exchange and cooperation fund and the an inter-Korean exchange and cooperation committee.

The TF team will organize the budget and lay out detailed plans for cooperation projects following the upcoming North Korea-U.S. Summit.

The city plans to hold regular, bi-monthly meetings for the TF team and hold operational meetings as needed to check on the progress of the inter-Korean exchange and cooperation program.

Experts claim that Ulsan's logistics infrastructure such as roads, sea routes and railways are well-established, thus the city has great potential to become the transportation hub of the East Sea.

The Port of Ulsan, especially, is in prime position for exchange and cooperation with China, Russia, Japan and other major ports in the region.

jhc@newsis.com

Source Text

Source: Newsis (May 04, 2018)

** This article was translated from Korean.