A committee on inter-Korean economic cooperation will receive bigger authority and more tasks, as the inter-Korean summit has produced a series of joint business projects.

Vice South Korean Finance Minister Lim Young-rok said a deputy prime minister will head the committee, which will be the channel to lead all inter-Korean economic projects under the agreement reached at the inter-Korean summit last week.

The new organization and functions of the committee will be presented to a meeting of prime ministers of the two Koreas.

Established after the third inter-Korean ministerial talks in September 2000, the committee has held 13 meetings on the provision of electricity to the North, reconnection of inter-Korean railways and roads, and the establishment of the Gaesong Industrial Complex.