UPDATE - South Korean President Stresses Need For Joint Economic Community, Free Travel With North

MOSCOW (UrduPoint News / Sputnik - 15th August, 2018) Establishing a joint economic community between North and South Korea and introducing the possibility of unrestricted cross-border travel will be "true liberation," South Korean President Moon Jae-in said Wednesday

"We must overcome such a division for our survival and development. Even though a political unification may be a long way from here, establishing peace between the South and the North and freely visiting each other, and forming a joint economic community is true liberation to us," Moon said, as quoted by Yonhap news agency.

Moon added that he hoped for the full denuclearization of North Korea.

"Economic cooperation can really take off when peace is established on the Korean Peninsula, along with its complete denuclearization.

Our economy may take a new leap when we realize the goal of forming a peaceful economic community," the president reportedly said.

When the peace has been established, the countries may set up at least two special economic zones next to Gyeonggi and Gangwon provinces, Moon said, according to the outlet.

This would allow to create new jobs and help small and medium businesses, the president said.

Moon added, citing research data, that the benefits from North and South cooperating could reach at least about $150 billion in the next 30 years.

The president reportedly added that the railways of South and North Korea could be linked up by the end of the year.