The Export-Import Bank of Korea (www.koreaexim.go.kr Chairman Lee Duk-hoon “Korea Eximbank”) announced on April 16 that the bank held the opening ceremony for the ‘Research Institute for North Korea Development (RINK)’ at its headquarters in Yeouido, Seoul, on the afternoon of April 15.

The Institute has been established in order to support the Park Geun-hye government’s reunification plan and conduct research regarding North Korea’s development, building on Korea Eximbank’s more than 20 years of experience supporting the development of developing countries and operating the Inter-Korean Cooperation Fund (IKCF).

The ceremony was attended by some 30 senior government officials, politicians, and experts, including National Assembly Foreign Affairs and Unification Committee members Hwang Jin-ha and Jasmin Lee, National Assembly Strategy and Finance Committee member Lee In-young, Director General Yoon Tae-yong of the International Economic Affairs Bureau of the Ministry of Strategy and Finance, and former Vice- Minister of Unification Uhm Jong-sik.

Ewha Womans University professor Cho Dong-ho has been appointed as the inaugural Director of the Institute.

To bolster its research capacity, the bank added three more North Korea experts to its existing staff of two doctoral researchers.

The Institute will make North Korea-related policy proposals by conducting research on such issues as inter-Korean economic cooperation, North Korea’s integration to the international community, and inter-Korean economic integration.

In particular, the Institute will formulate concrete proposals for the implementation of projects aimed at laying the groundwork for unification such as the Najin-Hasan development project, and explore ways to establish a regime of multilateral financial cooperation among Northeast Asian actors to promote regional and North Korean development.

Korea Eximbank Chairman Lee said at the opening ceremony that the bank will “define what role we are to play at different stages of unification and articulate ways to lower the cost of unification by promoting North Korea’s development.” He added, “Our experience of serving as a window of inter-Korean economic cooperation, as well as the tight network of financial cooperation we have built with multilateral financial institutions through our development cooperation work, puts us in a strong position to lead international efforts to aid North Korea’s development”.

The Institute will host an international seminar on the theme of “Building a Foundation for Unification through Northeast Asia- North Korea Development Cooperation” in July as part of its effort to position itself as a think tank specializing on North Korea’s development.