ROK to spend U.S. $12 bln in border areas with DPRK for next decade

The government of the Republic of Korea (ROK) said on Thursday that it will spend 13.2 trillion won (around 12 billion U.S. dollars) in border areas with the Democratic People's Republic of Korea (DPRK) for the next decade.

The money, including 5.4 trillion won (4.8 billion U.S. dollars) from the central government, 2.2 trillion won (2 billion U.S. dollars) from local governments and 5.6 trillion won (5 billion U.S. dollars) from the private sector, will be spent on 225 projects in inter-Korean border areas by 2030.

The projects aim to establish a foundation for inter-Korean exchange and cooperation, lay groundwork for a balanced regional development, stimulate ecological peace tourism in border areas and expand social infrastructure, according to the Ministry of the Interior and Safety.

The development of the border areas has been limited for military security reasons. For the past eight years through 2018, a total of 2.8 trillion won (2.5 billion U.S. dollars) were spent on developing tourism projects, building industrial complexes and expanding transportation infrastructure.

The expanded investment for the next decade reflects changed situations at home and abroad, including improved inter-Korean relations and the need for balanced regional development, the ministry said.

Source(s): Xinhua News Agency