SEOUL -- The inter-Korean railroad project across the DMZ makes a great deal of sense for the two Koreas, but it also makes sense for outside powers, above all for Russia. With space to spare on the trans-Siberian route on the return trip east, Moscow is looking south for passengers. It is offering huge sums -- reportedly in the billions -- to assist in the refurbishing of the North Korean system, currently in a state of total disrepair, particularly the Kyongwon line linking Seoul to Wonsan and then continuing up the east coast to Vladivostok. This is the missing link in the so-called Iron-Silk Road connecting Asia and Europe and takes advantage of Russia's state-of-the-art container-cargo express trains.

There are not only convincing economic and commercial arguments for going ahead with this project -- it would halve to just 10 days the time needed for transshipment from the Pacific to the Baltic while simultaneously undercutting by half the comparable cost by sea -- but, from Russia's viewpoint, there are sound political reasons as well.

Underscoring the Russian interest, a large delegation from the Ministry of Railroads visited Seoul last week to showcase the project, and Russian President Vladimir Putin himself, due in Seoul next week on a state visit, will try to seal the deal. The immediate aim is to broker a three-way meeting between the relevant ministries of Russia and the two Koreas to which North Korean leader Kim Jong Il is reportedly prepared to give his assent. And if Putin can pull it off, he will gain a leg up on the other powers with interests on the Korean Peninsula, adding another notch to his diplomatic black belt.