A private think tank says it will cost more than ten trillion won, or about eleven billion dollars, to implement cross-border business projects agreed to by the leaders of the two Koreas this week.

Hyundai Economic Research Institute said Friday that developing a special economic zone around the North Korean port city of Haeju will cost about four-point-six billion dollars.

The institute projected that the expansion of the Gaesong Industrial Complex would require about two-and-a-half billion dollars.

Infrastructure projects like reparing rail links between Gaesong and Shinuiju could cost one-and-a-half billion dollars, while the renovation of the Gaesong-Pyongyang expressway would cost about 300-million.

In addition, a project to develop shipbuilding complexes in Anbyun and Nampo is expected to cost about 200 million dollars.

The institute said that the estimated cost, if financed over five years, is equivalent to a mere quarter of one percent of South Korea's gross domestic product, adding that costs could be financed through foreign investment or the creation of development funds.