Promoting the New Northern Policy, the South Korean government will look to increase economic cooperation with countries located north of Seoul.
During a meeting with economy-related ministers on Monday, Finance Minister Hong Nam-Ki said South Korea "will bolster economic cooperation with northern countries to pull off accomplishments from the New Northern Policy."
To do so, South Korea and Russia will work together in nine fields such as railroads, electricity, and an arctic shipping route.
With Mongolia and other northern countries, it plans to establish a mid-to-long term cooperation model and a bilateral and multilateral FTA belt.
Hong also showed his willingness to help exports rebound following 13 straight months of negative growth.
He said this year, the government will try to conclude its agreement on the Regional Comprehensive Economic Partnership and bilateral FTAs with the Philippines and Russia by the end of this year.
And he emphasized that export finance worth 207 billion U.S. dollars will be supplied to help exports rebound.
In terms of economic cooperation with China, South Korea will revitalize cultural and personal exchanges between the two countries.
The two could cooperate in new service industries and foreign infrastructure to make a win-win result.
Hong added that Seoul will use its strength as leverage in discussions to secure benefits from cooperation.
And Seoul will also examine and prepare for inter-Korean economic cooperation which could follow any progress between Pyeongyang and Washington in denuclearization talks.
Hong Yoo, Arirang News.