South Korean President Park Geun-hye has said that the South Korean government will roll up its sleeves in attracting infrastructure investments of up to US$63 billion annually for North Korea and other parts of Northeast Asia if Pyongyang gives up its nuclear program.
In addition, to produce synergistic effects among different Eurasia strategies implemented by the US, China and Russia, President Park has called for the expansion and reinforcement of intentional cooperation for joint investment.
During a session at the G20 summit, held on November 15 in Antalya, Turkey, President Park said: “If the North gives up its nuclear program and choose a path towards openness and cooperation, the South will join forces with the international community to invest US$ 63 billion in infrastructure in the North and other parts of Northeast Asia To that end, I propose establishing a Northeast Asia Development Bank (NADB) which cooperates with the Asian Development Bank ADB and the Asian Infrastructure Investment Bank (AIIB).”
“The US’s New Silk Road strategy, China’s One Belt and One Road initiative and Russia’s New Asia policy are being implemented separately, so there is a need for exploring ways to build linkages amongst the three different Eurasia strategies to produce synergistic effects. South Korea has proposed the “Eurasia Initiative” aimed at boosting interconnectivity across Eurasian trans-border transportation, logistics and energy networks.
And South Korea and China have agreed to carry out joint research and pilot projects to find links between the “Eurasia Initiative” and China's One Belt and One Road initiative. This is a good example of what I’m talking about,” Park added.
