Northeast Asia Economic Cooperation & GTI Seminar titled “Peace and Prosperity: Towards a Cooperative Future in Northeast Asia” was organized on 10 October in Seoul, Republic of Korea. The Ministry of Economy and Finance (MOEF), Korea Institute for International Economic Policy (KIEP), Presidential Committee for New Northern Policy, and Korea Railroad Research Institute(KRRI) and the Greater Tumen Initiative (GTI) Secretariat jointly organized the event. The welcoming speech was delivered by Mr. Tuguldur Baajiikhuu from GTI Secretariat, Mr. Song Younggil from the National Assembly, Mr. Huh Chang from MOEF, Mr. Lee Jae Young from KIEP, and Mr. Na Heeseung from KRRI.

The seminar explored new opportunities for cooperation among the NEA countries including DPRK with about 200 participants from member countries, international organization (UNESCAP), the multilateral development banks (AIIB, ADB), and research institution & academia.

In particular, this seminar was regarded to be meaningful in three ways:

Firstly, GTI member countries explored future development projects under regional connectivity and initiatives such as “Eurasian Partnership’, “Belt and Road Initiative”, “Development Road Program” as well as “New Northern Policy”. Current geopolitical changes in the NEA region have a great potential promote the regional development projects such as Northeast Asia Railway, energy connectivity, trans-border tourism, cross-border infrastructure, industrial cluster, etc. These are seen to initiate and contribute to prosperity and peace in the NEA region including DPRK.

Secondly, the seminar discussed ways of financial mobilization with experts from the multilateral development banks for future cooperation with non-member countries including DPRK. ADB and AIIB explained the current status of investment in regional infrastructures, particularly transportation, energy, etc.

Lastly, experts suggested various ideas on the future of GTI including legal transition issue and member expansion/re-engagement.

There was an overwhelming understanding among participants of timing and importance of putting more attention and intensify effort for regional integration at this moment and progressing the collaboration in development of regional projects.