A South Korean pharmaceutical trade group says it will establish an office in an industrial complex in North Korea to promote the inter-Korean exchange of pharmaceutical products.

The Korea Pharmaceutical Traders Association decided at its annual assembly on Friday to set up the office in the North Korean city of Kaesong to increase the exchange of pharmaceuticals between the two Koreas.

Fifteen South Korean firms have been authorized to operate in the Kaesong industrial complex, north of the inter-Korean border since the project was officially opened last year.

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The association also said it aims to sell 1.05 billion dollars in pharmaceuticals overseas this year.