The government approved revisions to the inter-Korean exchange and cooperation law at a Cabinet meeting Tuesday.

Under the new rules, those wanting to do business with North Korea need only obtain permission for their specific business projects. Currently, businesses are required to hold licenses for cross-border business as well.

As long as the business is small in scale and falls under categories designated by the president, South Koreans can do business with North Korea by simply reporting their business to the Unification Ministry.

The new rules will also allow South Koreans to contact North Koreans without reporting to authorities if their interactions are business related.

The focus of inter-Korean business --- currently on product and material exchanges --- will also be expanded to include services and electronic transfers.