The government has launched a new body to coordinate development of mineral resources in North Korea in return for South Korea's provision of raw materials to the North.

The Support Committee for South-North Exchange and Cooperation held its inaugural meeting Friday. Headed by a senior Unification Ministry official, the committee includes scholars and top officials of various private economic organizations.

The government plans to notify North Korea of the committee's establishment. It will oversee the project to develop the North's natural resources in exchange for the South's provision of raw materials to develop North Korean light industry.

Seoul and Pyongyang have agreed to conduct a joint survey on three mines in the North for 12 days from June 25th. A South Korean freighter carrying 800-thousand dollars' worth of polyester fiber is set to leave for the North two days later.

In 2005, South Korea agreed to offer North Korea raw materials to help it produce clothing, footwear and soap starting in 2006. In return, the North was to let the South mine for zinc, the magnesium compound magnesite and other mineral resources.