Seoul plans to raise annual budget on inter-Korean economic cooperation by nearly 50%

The unification ministry plans to set aside less budget for humanitrian aid in North Korea.... while increasing spending for inter-Korean economic cooperation.... to view Pyongyang as an economic partner rather than an aid beneficiary.Choi Si-young explains further. South Korea plans to spend more next year on inter-Korean cooperation... in an effort to boost exchanges with North Korea... as agreed at their historic summit in April.On Tuesday, Seoul's unification ministry revealed its spending blueprint for 2019. The budget for the Inter-Korean Cooperation Fund rose by 14 percent from this year,... to stand at 1-point-1 trillion won, or roughly 1 billion U.S. dollars. And among various categories within the fund, Seoul plans to give the biggest boost to economic cooperation -- at over 46-percent. Seoul will be putting more into grants and loans for economic projects,... mainly related to railway and road connections... and forestation. The numbers are subject to change as discussions continue with North Korea on these projects,... but regardless, the government says the projects will be carried out in a way that does not violate international sanctions... and in step with North Korea's denuclearization. South Korea has also raised its budget for families separated by the Korean War... by nearly threefold.That... considering Seoul and Pyongyang could hold more family reunions next year and even enable the families to visit their hometowns on the other side of the border. Meanwhile, Seoul is cutting down on funds for humanitarian aid... and plans to reduce its food assistance for North Korea to a third of the current figure. South Korea says it now sees North Korea as an economic partner to work with... rather than a subject to help.Choi Si-young , Arirang News.