North-South Korea Agreement Followed by Vow to Strengthen Economic Ties

After days of marathon talks, North and South Korea have finally reached an agreement on Tuesday to end the ongoing tensions, according to a report by Reuters.

The North expressed "regret" over the landmine blast that left two South Korean soldiers wounded. It has also lifted the "semi-war state." On the other hand, the South has agreed to stop broadcasting anti-Pyongyang propaganda.

With the recent agreement, the Federation of Korean Industries (FKI) looks forward to strengthening its business ties with North Korea and to continue economic cooperation, which has been affected by the conflict.

"We welcome the agreement struck between the North and South, which we expect will push forward economic cooperation that had been on the downturn amid high tensions," FKI's director of the international team, Eom Chi-sung, said.

Based on an article by The Korea Herald, the organization has long arranged preparations to boost exchange in both countries' private sector. According to Eom, they have "drawn up a number of principles to guide its efforts to build a mutually beneficial economic exchange between the North and South." There are also plans to slowly start carry out detailed projects, such as setting up a communication office in North Korea's capital - Pyongyang.

The largest business organization in South Korea, Korea Chamber of Commerce and Industry (KCCI), has also felt relieved of the turnaround between the two Koreas. It has guaranteed to double its efforts in improving economic trade with the North.

Its director of industrial policy, Choi Kyu-jong, has stated, "Boosted by improved inter-Korean relations, the KCCI will strengthen its drive to set the foundation for bringing mutually beneficial development across the Korean Peninsula." Among its projects are providing business education and consulting services as well as letting firms in the North visit companies in the South.