South Korea’s President Park Guen Hye chaired the first meeting of her newly formed Preparatory Committee for Reunification on Thursday.

The 50-member special committee, which includes nominated experts and government officials, met at the Presidential Blue House to discuss a blueprint for the reunification of the two Koreas.

“Next year marks 70 years since the peninsula was divided. We can no longer delay the task of preparing for unification,” Park said.

Park promised to form the committee in January following a speech in which she claimed the reunification of the Peninsula would result in an economic “bonanza”.

Park further outlined