December 06, 2022

Seoul allocates $1 billion to inter-Korean fund to realize “peace economy”

South Korean military simultaneously unveils its over KRW50 trillion defense budget

The South Korean government announced on Thursday it will increase its Inter-Korean Cooperation Fund by 10.3 percent to more than $1 billion for 2020 to implement the “peace economy," allocating $403 million to infrastructure construction.

The Ministry of Unification (MOU) presented the plan at a Cabinet meeting, asking for a total of KRW1.44 trillion ($1.18 billion) for next year's budget.