A major U.S. news weekly says prospects for peace on the Korean Peninsula have grown brighter due to inter-Korean economic projects.

In an article entitled “Sunshine in the DMZ,” Newsweek said that peace may be a step closer, citing mega-economic development projects between South and North Korea as a substantial reason for easing tensions.

The weekly highlighted key accords struck at the second inter-Korean summit held in October, including those for expanded cross-border rail links, port facilities in the North Korean city of Haeju, and direct flights between Seoul and Mount Baekdu.

The magazine said the projects are seen as promoting Korean solidarity in the face of global competition, while easing concern about South Korea being “sandwiched” between China's cheap labor, and Japan's high tech.

However, it also quoted a professor who cautioned that spending on North Korea could go to waste unless Pyongyang carries out economic reform. At the same time, the professor noted the popularity of the inter-Korean projects, citing the pledge of an opposition party presidential nominee to continue the efforts.