Kaesong firms to ask for emergency funds

According ot Yonhap:

South Korean companies at a joint industrial complex in North Korea said Thursday they will ask their government to provide emergency funds, as business conditions worsened amid heightened cross-border tensions triggered by the North’s sinking of a southern warship in March.

The industrial park in the North’s border city of Kaesong, where 110 South Korean factories operate with some 42,000 North Koreans hired, is the last-remaining inter-Korean business project. Its future is thrown into doubt after Seoul officially blamed Pyongyang for torpedoing the 1,200-ton Cheonan on March 26 that killed 46 sailors.

South Korea has taken a series of retaliatory measures, including a ban on most inter-Korean trade and diplomatic efforts to censure the North at the U.N. Security Council.

South Korean companies at the joint complex report a sharp drop in orders amid cross-border tensions.

Earlier in the day, representatives of the South Korean firms held a meeting and decided to ask their government to provide emergency funds and ease border restrictions.

About 800 South Koreans are now working at the Kaesong park.

Read the full story here:
S. Korean firms in Kaesong to ask for emergency funds
Yonhap
6/17/2010

Share

Comments are closed.