Chairman Mong Gyu Chung appointed as first chairman of the special committee on inter-Korean economic cooperation

The Federation of Korean Industries (FKI) formed a special committee on inter-Korean economic cooperation on July 30 as a permanent organization related to the government’s plan for the new economic map of the Korean Peninsula, and appointed HDC Group Chairman Mong Gyu Chung as its first chairman.

The FKI announced that they appointed Chung because “Chung possesses an exceptional sense of duty about inter-Korean economic exchange as a member of the great Hyundai Group which is a symbol of South-North economic cooperation, and HDC played a leading role in SOC projects such as roads, railways and harbors that are prerequisites of economic development in North Korea.”

“With a focus on the FKI special committee on inter-Korean economic cooperation, we’re collecting specific implementation plans from firms and specialists regarding the government’s plan for the new economic map of the Korean Peninsula, support for economic reconstruction of North Korea, and win-win industrial-corporate cooperation in the South and North, and we plan to officially propose them to the government with the organizing committee in September.”

Also serving as chairman of the Korea Football Association, Chung also suggested at the FIFA general assembly in June for China, Japan and North Korea to ‘co-host the World Cup together with South Korea, North Korea, China and Japan’ in 2030 or 2034 to establish an everlasting peace in Northeast Asia.

“As rapid progress is made in the talks between South and North Korea and also between North Korea and the US to relieve tension on the Korean Peninsula which were facilitated by the PyeongChang Olympics earlier this year, the FKI has been carrying out activities to expand and reform the FKI Unification and Economy Committee,” said Chi Sung Eom, chief of FKI International Cooperation Division. “Major companies, as well as over 50 research experts on North Korea, will participate in the special committee on inter-Korean economic cooperation.”

He also added, “With this committee, we will actively perform our role by collecting feedback from businesses regarding promotion of inter-Korean economic cooperation and forming public opinion of the global community to normalize the economic relations between South and North Korea.”