New Northern Policy to get boost from detente mood

SEOUL, June 18 (Yonhap) -- South Korea's push to expand economic cooperation with Russia, China and their neighboring countries is expected to gain steam from the ongoing reconciliatory mood with North Korea, a presidential committee said Monday.

South Korea has been exploring ways to step up economic cooperation with Russia and other Northeastern Asian nations in various areas under President Moon Jae-in's so-called New Northern Policy. It launched the Presidential Committee on Northern Economic Cooperation last year to pursue such goals.

Under the initiative, South Korea and Russia have launched a consultative body to push for joint economic projects in various areas, including energy, shipbuilding, fisheries and transportation, that can create new growth drivers, .

The committee said the mood of detente in the wake of North Korean leader Kim Jong-un's recent summits with Moon and U.S. President Donald Trump have raised expectations that cross-border projects that link South Korea and Russia's Far East can become a reality. Talks have been underway for joint economic zones and railways.

"Hopes are rising for the New Northern Policy amid the changing geopolitical situation surrounding the Korean Peninsula," the committee said in a release. "If North Korea's denuclearization makes progress and sanctions on (the North) are eased, it would be able to participate in cross-border projects in logistics, energy and economic cooperation zones involving South Korea, Russia, China and other neighboring countries."

The committee said it will explore ways to take part in creating special economic zones in Dandong and Sinuiju, which are located right next to each along the China-North Korea border, and join the Najin-Hasan Project, a collaborative railway project between North Korea and Russia.

Potential projects also include the connection of a cross-border inter-Korean railway with the Trans-Siberian Railway, as well as the establishment of a power grid that connects Russia with the Northeast Asian electricity network involving South Korea, China and Japan.

The initiative moreover outlines the building of "nine bridges" between South Korea and Russia, including natural gas, railroads, seaports, electricity, Arctic shipping routes, shipbuilding, labor, agriculture and fisheries.

As Washington has said tough sanctions will remain on Pyongyang until its complete denuclearization, the committee said it will analyze the feasibility of potential projects with partner countries until the time is ripe for joint economic projects to be pushed forward.

ejkim@yna.co.kr
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