The Democratic People's Republic of Korea and China will jointly develop the North Korean islet of Hwanggumpyong, the South Korean Yonhap News Agency reported.

According to the joint plan, the island will be developed into a tourism, logistics, and manufacturing center. The two sides also plan to build a bridge across the Yalu River to facilitate development efforts.

Both North Korean and Chinese partners hope that the project will help open North Korea to the rest of the world and allow the Six Party Talks, which stalled in 2009, to resume at an earlier date.

Chinese Foreign Ministry spokesperson Jiang Yu did not specifically comment on the new project but said "economic and trade cooperation between Chinese and North Korean companies benefits the social and economic development of both countries and helps promote regional peace and development."

Hwanggumpyong Island sits on the Yalu River about 11.94 square kilometers from the Chinese city of Dandong, in northeast China's Liaoning Province.

According to the Yonhap report, the two countries will hold a ceremony to kick off development efforts on May 28. Government officials from both countries will attend the ceremony.