South Korea`s Kim Dae Jung Government started its term in February, 1998 with a great task of overcoming the financial crisis supported by the emergency loan of the International Monetary Fund (IMF). Since that time on, the South Korean Government could successfully cope with the foreign currency crisis by adopting an extensive scope of industrial and financial reforms and restructuring measures inside South Korea. And, for now, South Korea will need further efforts continuously in order to fully recover South Korea`s economic virility and resilience for future advancement. On the other hand, South Korea`s so-called Sunshine Policy (South Korean brand of Engagement Policy) towards North Korea has been consistently implemented along with a high level of understanding and cooperation among the four neighboring countries - i. e., the United States, Japan, China, and Russia. This policy is aimed at preventing a war between North and South Korea by fostering the level of reconciliation and cooperation between the two Koreas. The South Korean Government has been trying to improve relations with the North even more recently by allowing the sightseeing project of Mt. Kumkang sponsored by the Hyundai conglomerate. The South Korean participants in the sightseeing project is already surpassed the number of 150,000 men and women from all corners of South Korea. In return, North Korea has been getting a cash-revenue of approximately 200 million dollars each year. The North Korean economy has been almost choked by the difficulties accumulated by the contradictions in the Soviet-styled planned economy. Worse still, North Korea has been taking a half-mined posture towards the opening of economic policies. In fact, North Korea is in a dire need of the opening of its economy so as to catch up the level of economic development as compared with the economy of South Korea. The clear example of advantages in economic openings is the China case. The People`s Republic of China has opened its economic activities towards the outside world since the time of inception of the Deng Government in 1978. North Korea should follow this type of the economic course in order to solve the difficulties in the road of economic advancement. To that aim, North Korea should, first of all, change the main structure of its industrial system. This type of changes in the North Korean industrial system will be bound to be related to the encouraging of its economic efficiency. In other words, South Korean efforts for providing with economic aids towards North Korea should focus on the aspect of structural changes in the North Korean economic make-up so that it can further accelerate the rate of changes in its economic system.