This study analyzed problems existing in the development, construction, operation, and management process of Gaesong Industrial Park and attempted to suggest legal and institutional ways to solve them. As a result of analyzing the local survey data and related regulations of the Gaesong Industrial Park Support Foundation, it took a lot of time and budget to change or consult the business as the development model of Gaesong Industrial Park is a model of inter-Korean economic cooperation in North Korea and the land ownership and related regulations, business selection and business approval were distributed to the South and North Korean governments, It also caused problems due to differences and inadequacies of related regulations. Accordingly, the following points should be considered in the inter-Korean economic cooperation projects in the future including the second and third stages of the Gaesong Industrial Park. In particular, it is necessary to unify the system and management under the inter-Korean consultation. Specifically, it is essential to consider the fact that much of the difference comes from the system, and it is necessary to review and agree on real estate regulations, such as land rents and compensation standards, which are sensitive to tenant companies. The selection of construction companies requires the introduction of a pre-screening system, and the introduction of effective and aggressive sanctions is necessary and should be institutionalized in the long term for the issue of operational management. Above all, post-management guidelines should be established at the stage of development planning. In addition, it is necessary to nurture North Korean construction workforce regarding human exchange and workforce acquisition, so that both North and South Koreans can utilize it to construct a pool of experts in North Korea through the certification of work experience in Gaesong Industrial Park. The Gaesong Industrial Park is now only developed on 1/20. For the development of the next two or three steps and the inter-Korean economic cooperation project in North Korea to succeed, it is necessary to introduce a policy to revise this irrationality at once.