Kaesong Industrial Complex Companies Association Urges Enactment of Special Law for Damage Compensation

"Moon, Promises to Normalize Kaesong Industrial Complex and Compensate Resident Companies' Losses During Candidacy Are False Hope"

At a press conference held on the 10th at the fountain in front of the Blue House marking the 6th anniversary of the complete suspension of the Kaesong Industrial Complex, Lee Jae-cheol, chairman of the Kaesong Industrial Complex Enterprise Association (front row, right in the photo), is holding an appeal letter addressed to President Moon Jae-in.
[Photo by Kaesong Industrial Complex Enterprise Association]

[Asia Economy Reporter Kim Jong-hwa] On the morning of the 10th, marking the 6th year since the closure of the Kaesong Industrial Complex, the Kaesong Industrial Complex Enterprises Association held a press conference at the fountain in front of the Blue House, urging the enactment of a special law for compensation for damages related to the Kaesong Industrial Complex (inter-Korean economic cooperation).

The Kaesong Industrial Complex Enterprises Association stated, "Companies are eagerly awaiting fair compensation for the forced closure and the reopening of the Kaesong Industrial Complex, a symbol of peace, but instead of damage recovery, there has been not even an apology," and demanded, "The government must take effective actions to resume the Kaesong Industrial Complex and immediately prepare measures for damage compensation."

Through an appeal, the association said, "President Moon Jae-in promised normalization of the Kaesong Industrial Complex and compensation for losses to resident companies during his candidacy, but the reopening of the Kaesong Industrial Complex has disappeared from the agenda," adding, "The reality of receiving no response from the Moon Jae-in administration from its inception to its end is a pain comparable to the closure of the complex."

The association requested, "Please quickly prepare survival measures for Kaesong companies," and "Please also establish the 'Special Act for Damage Compensation,' which is the minimum legal device to revive Kaesong companies, and furthermore, inter-Korean economic cooperation, which has fallen into confusion due to the Constitutional Court's ruling."

Meanwhile, resident companies reported damages amounting to 964.9 billion KRW to the authorities, including investment assets, liquid funds, and accounts receivable due to the closure of the complex. Including business losses, the companies claim the damage amounts to 1.5 trillion KRW. On the other hand, the government, through a fact-finding survey, assessed the damage to resident companies at 786.1 billion KRW and provided a total of 534.7 billion KRW in support, including 468.7 billion KRW in 2016 and 66 billion KRW in 2017. As this is only about one-third of the damage amount claimed by the resident companies, they are urging additional compensation for damages.

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