Major South Korean business lobbying groups on Friday issued statements, welcoming the inter-Korean summit as the historic meeting between President Moon Jae-in and North Korean leader Kim Jong-un was under way. 

The Korea Chamber of Commerce and Industry(KCCI) said if sanctions on North Korea are eased and conditions become ripe, the South Korean business community will be at the forefront of pioneering a new era of economic cooperation between the two Koreas. 

The Federation of Korean Industries(FKI) hoped the summit would be the cornerstone that will bring about not only the denuclearization of the Korean Peninsula but also world peace, adding its expectation that the meeting would also ease geopolitical risks on the Korean Peninsula and help revitalize the economy. 

The Korea International Trade Association(KITA) expressed hope that the North will join the global trade system by laying institutional foundations on par with global standards, so the entire Korean Peninsula can become the center of economic cooperation in Northeast Asia. 

Noting its roles in the two stalled inter-Korean economic cooperation programs, the Gaeseong Industrial Complex and the Mount Geumgang tourism program, the Korea Federation of SMEs expressed hope that peace on the Korean Peninsula created by a successful inter-Korean summit would bear the fruit of resumed inter-Korean economic cooperation. 

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