Gyeonggi-do Launches Comprehensive Support for Kaesong Industrial Complex Resident Companies

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Gyeonggi Province is stepping up support for companies located in the Kaesong Industrial Complex. There are a total of 41 companies from Gyeonggi Province operating in the Kaesong Industrial Complex.

On the 26th, Gyeonggi Province held a meeting with representatives of companies located in the Kaesong Industrial Complex at the Northern Office Situation Room of the Gyeonggi Provincial Government in Uijeongbu to listen to the difficulties faced by these companies due to the suspension of operations in 2016 and the recent demolition of the inter-Korean liaison office, and to discuss solutions.

The meeting was attended by about 10 people, including Kim Gyu-sik, Director of Economic Planning of the Province, Lee Sung-eun, Head of Distribution Innovation at Gyeonggi Province Corporation, Lee Hee-geon, Representative of the Gyeonggi Kaesong Industrial Complex Business Cooperative, and representatives of companies located in the Kaesong Industrial Complex.

There are a total of 41 companies from Gyeonggi Province located in the Kaesong Industrial Complex. They have hoped to re-enter the Kaesong Industrial Complex, which is equipped with skilled labor, low labor costs, and various infrastructure and equipment.

The company representatives attending the meeting said that with the Kaesong Industrial Complex suspended for four years, they have experienced difficulties such as a sharp drop in sales, increased debt, and lowered credit ratings, and requested support for funding and regulatory improvements.

Representative Lee Hee-geon said, "Many companies in the Kaesong Industrial Complex are struggling due to declining sales," adding, "It would be good if the Kaesong Industrial Complex could resume operations, but the biggest goal right now is to survive."

Park Nam-seo, CEO of Combase Co., Ltd., said, "Following the suspension of the Kaesong Industrial Complex and the recent COVID-19 pandemic, many companies are having difficulties securing funds," and requested, "There are many cases where companies cannot receive support due to high thresholds, so please prepare various support measures such as special guarantees."

Lee Sang-hyeop, CEO of Hyupjin Covering, said, "Many companies cannot expand their business by building new factories or adding industries due to related laws and regulations," and requested, "System improvements are needed, and we ask Gyeonggi Province to actively propose these."

The province plans to actively prepare support measures to prevent companies from suffering damages by collecting opinions raised at this meeting, and if necessary, will actively consult with the central government and related agencies.

Kim Gyu-sik, Director of Economic Policy of the Province, promised, "Taking this meeting as an opportunity, we will actively listen to voices from the field and spare no support to help companies located in the Kaesong Industrial Complex in Gyeonggi Province overcome their difficulties."

Since the suspension of the Kaesong Industrial Complex, the province has been promoting various projects to alleviate management difficulties of resident companies, including the Kaesong Industrial Zone local company alternative investment support project, operation of exhibition and sales centers for small and medium-sized enterprises in the Kaesong Industrial Complex, sales channel support projects for companies in the Kaesong Industrial Complex, Gyeonggi Province Kaesong Industrial Complex marketing support projects, overseas sales channel development support projects for local companies in the Kaesong Industrial Zone, and technology and sales channel development support projects for companies in the Kaesong Industrial Complex.

This content was produced with the assistance of AI translation services.