Arab Today, arab today south korean firms say lost 663m due to kaesong closure
Last Updated : GMT 19:09:22
Arab Today, arab today
Arab Today, arab today

South Korean firms say lost $663m due to Kaesong closure

Arab Today, arab today

Arab Today, arab today South Korean firms say lost $663m due to Kaesong closure

South Korean firms say they have lost more than $663 mn from the shuttering of the economic zone in North Korea
Seoul - AFP

South Korean firms which once operated factories in a now-shuttered joint economic zone in North Korea pleaded Monday for urgent help from Seoul, saying they had lost more than $663 million.

The South on February 10 announced the pullout from the Seoul-funded Kaesong industrial complex in protest at North Korea's latest nuclear and long-range missile tests.

The shock announcement prompted the North to expel all South Koreans from the estate and freeze all assets there,  shutting down the last symbol of cross-border economic cooperation.

The sudden closure took a heavy toll on more than 120 South Korean firms whose production machinery, raw materials and finished products are still trapped in Kaesong, said Jeong Gi-Seob, the head of an association representing them.

Such assets are valued at 820 billion won ($663 million), he said, adding the closure is expected to make about 2,000 South Koreans jobless.
"When Kaesong first opened in 2004, we trusted the government's words that it would be safe from political situations," Jeong told reporters.

"Now we are left devastated... and in urgent need of help."

Seoul has announced a series of temporary measures to help the firms and will soon start an inquiry into the scale of the damages they face.

Jeong said the measures were "far from sufficient" to help many firms that were facing possible bankruptcy due to mounting debts and massive order cancellations.

"We were part of this precious, rare inter-Korea cooperation. The government can't just let us die like this," he said.
The estate employed more than 53,000 North Koreans making items such as textiles, footwear and cheap electronics.

Since its opening in 2004, South Korean firms have paid wages worth $560 million to the North's state authorities on behalf of the workers.

Seoul has said Pyongyang may have used part of the money to develop nuclear weapons and missiles.

Kaesong, born out of the "sunshine" reconciliation policy in the late 1990s, had previously remained largely immune to turbulence in inter-Korean ties.

The only exception was in 2013 during heightened cross-border tensions when Pyongyang effectively closed the zone for five months by withdrawing its workers.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean firms say lost 663m due to kaesong closure Arab Today, arab today south korean firms say lost 663m due to kaesong closure

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean firms say lost 663m due to kaesong closure Arab Today, arab today south korean firms say lost 663m due to kaesong closure

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday