Korea-China Train Ferry
The Korea Development Institute said on Dec. 15 that Korean enterprises need to take a bigger part in China’s transport infrastructure projects based on the One Belt One Road policy.
“Along with the establishment of the Asian Infrastructure Investment Bank, the projects carried out in the framework of the policy will be important opportunities for Korean companies,” it explained, adding, “Specifically, their potential advantages of participating in infrastructure construction projects are expected to take the form of faster transport to and from Eurasian countries and the like.” It also mentioned the necessity of new transport means, such as train ferries between Korea and China, with regard to freight heading for Europe from Korea via Central Asia.
The institute suggested an offshore processing zone utilizing the Korea-China FTA in the Rajin Port Development Area, too. “It is conceivable that the offshore processing zone is established in the Rason Economic and Trade Zone, where China and North Korea share their transport logistics infrastructure, and the South exports its products produced in this offshore processing zone to China,” it explained.
In addition, the institute advised the Chinese government to let North Korea into the AIIB. The North showed its will to accede to the AIIB in March this year, but the Chinese government turned down the request. “North Korea’s accession to the AIIB is essential for the pilot phase of the high-speed railway project covering all of Northeast Asia to be launched on the AIIB’s financial backing,” it pointed out.