North Korea has accepted a plan to greatly develop the tourist area of Mount Geumgang at a cost of 2.2 billion dollars.

In a news conference upon his return from the North, Hyundai Asan President Yoon Man-joon said the two sides agreed to finalize the development plan as soon as possible to start creating a special tourism zone.

Since 1998, Hyundai Asan has operated tours to the scenic mountain in North Korea.

The two sides also agreed to hold frequent talks on specific details of the plan.

The plan calls for the Geumgang tours to cover a wider area over two phases to include the mountain's inner area by June and a joint survey of the region in late March or early April.

The two sides also agreed to establish cable cars along the 2.4-kilometer distance between Dongseok-dong and Sejon peak.

Yoon said his visit is expected to lead to trips to the North by Hyundai Asan staff. Pyongyang had refused entry to the company's executives last year after the company fired a long-time point man on the North.