SEOUL, Korea, Republic Of - South Korea has chosen its capital, Seoul, for its bid for the 2032 Summer Olympics, which it hopes to jointly host with rival North Korea as a peace gesture.

South Korea's Olympic committee announced the decision after a meeting Monday in which Seoul received 34 of 49 votes, edging out the southern port city of Busan.

The Koreas are expected to officially inform the International Olympic Committee of their intent to co-host the 2032 Olympics on Friday during a meeting in Lausanne, Switzerland. While North Korea has yet to formally announce its candidate city for the Olympics, its capital, Pyongyang, is seen as the obvious choice because it's much more developed than other North Korean cities.

While Monday's decision by the South Korean Olympic committee needs approval from the country's sports and finance ministries, that is seen as a formality since the government has described the 2032 Games as a crucial opportunity to stabilize relations with North Korea.

Following a meeting of their leaders in September, the rival Koreas agreed to pursue a joint bid for the 2032 Olympics and also send combined teams to the 2020 Tokyo Summer Games, among other steps to promote reconciliation.

"Seoul will co-operate with the national government so that the 2032 Summer Olympics become something more than a sports festival -- an opportunity to change the fate of the Korean Peninsula," Seoul Mayor Park Won-soon said in a statement.