Press Release (June 11, 2010)
The outcome of the 232nd consultative meeting on promotion of inter-Korean exchanges and cooperation
The Government began the 232nd consultative meeting on promotion of inter-Korean exchanges and cooperation, which was chaired by the Minister of Unification on Tuesday, June 1. The council deliberated through letters over the revision of the notice which stipulates items allowed to be imported and exported to North Korea and approval procedures. The revision was put to a vote on June 11.
Revision of the notice
l One of the measures the Government announced on May 24 in response to the sinking of the South Korean corvette Cheonan was to stop all trades with North Korea. To implement the measure effectively, a notice under the Act on Inter-Korean Economic Exchanges and Cooperation was changed.
- According to the revised notice, all items going in and out of North Korea should get approval from the Minister of Unification by principle.
- Blanket approval would be given to goods and materials used for production and business activities at the Gaeseong Industrial Complex. That would be made public in a separate notification.
Accounting for equipment rental
l Equipment for construction to upgrade the inter-Korean military hot line was provided to North Korea in rent on October 29, 2009. To minimize budget loss caused by delays in collecting the equipment, the Inter-Korean Economic Cooperation Fund would finance the purchase of it.
- Up to 267.3 million would be financed.
- Equipment rented: Two excavators and two boom lifts to the border areas on the East and West Coasts
Ministry of Unification
