A South Korean business leader said Thursday he has reached an unprecedented agreement with North Korean authorities to jointly develop a scenic area in North Korea into a major tourist resort.
Chung Ju-yung, who returned home after a 10-day visit to North Korea - the first such trip by a South Korean businessman - also said he and North Korean officials had reached basic accords on a number of joint projects.They would be the first such projects involving the two Koreas.
Chung, honorary board chairman of Hyundai Group, said the proj-ects will include joint participation in the development of the Siberian region of the Soviet Union and combined investment in a shipyard and a rolling stock plant in North Korea.
Chung said prospective Siberian projects for joint participation by the two Koreas will be in such areas as salt production, coke (coal) processing and gas development in and around Siberia.
"We also agreed to establish joint ventures under North Korea's pertinent laws with an intent to expand and modernize a shipyard and a rolling stock plant in Wonsan (on North Korea's eastern coast) with their products to be exported to the Soviet Union," Chung said.