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Ulsan established a committee to promote Northern economic cooperation

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan city established a Northern Cooperation Committee, for the first time among local governments, in preparation for the era of new Northern cooperation on March 7.

The committee held its first meeting after a committee member nomination ceremony.

This committee is tasked with suggesting policy for Northern economic cooperation, identifying new projects, and advising, consulting, coordinating, among others.

The committee consists of 23 experts with knowledge and experiences in energy, port, North Pole Route, and shipbuilding. The term of members is two-years.

Ulsan city asked the Ulsan Development Institute to conduct research on North economic cooperation and exchanges.

The research is planned to focus on studying and identifying areas of cooperation, measures to reinvigorate exchanges with Northern areas including Russia, Mongolia, and China, and Ulsan's strategies in relation to the new economic map of the Korean Peninsula.

A city mayor said, "Northern cooperation will be an opportunity to revitalize Ulsan economy," adding that "I expect the committee to play a central role."

Northern economic cooperation is to strengthen connection with Eurasian countries in transportation, logistics, and energy sectors to leverage in creating future growth engines and realizing the Korean unification.

A city mayor participated in the fourth Eastern Economic Forum held in Vladivostok of Russia in September last year, presenting a framework for Northern economic cooperation, such as cooperation with Russia in oil and gas, North Pole Route, job, and shipbuilding fields.

Korea-Russia Regional Cooperation Forum is scheduled next year in Ulsan.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (March 7, 2019)