The South Korean government established the Presidential Northern Economic Cooperation Committee for more economic cooperation with such countries as Russia.
On August 21, the South Korea government held a cabinet meeting and adopted a Presidential decree on the establishment and management of the committee. The roles of the committee include the expansion of cooperation with Eurasian and Northeast Asian countries in such fields as energy, transportation and logistics.
The committee is expected to be headed by the ruling Minjoo Party lawmaker Song Young-gil, who visited Russia as a special envoy immediately after the election of President Moon Jae-in. In addition, the committee includes five members from the government, each from the Blue House and the Ministries of Strategy & Finance, Foreign Affairs, Unification, and Trade, Industry & Energy. Up to 25 expert members from the private sector are scheduled to join the committee, too.
“The committee will lay the groundwork for the government’s policy for economic cooperation with northern countries and examine specific action plans and accomplishments,” the government explained, adding, “Its efforts will be based on the Korea-Russia Joint Economic Committee and Eastern Economic Forum conferences scheduled for September this year.”