Ministry of Unification Provides 57.4 Billion KRW Support to Companies Affected by Inter-Korean Economic Cooperation

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The government will provide a total of 57.4 billion KRW in support, including loans and operational management cost assistance, to companies that suffered damages after engaging in inter-Korean economic cooperation such as the Kaesong Industrial Complex and Mount Kumgang tourism.

On the 10th, the government held the 324th Inter-Korean Exchange and Cooperation Promotion Council (Gyochuhyeop) and resolved to support companies affected by the full suspension of the Kaesong Industrial Complex in 2016, the suspension of Mount Kumgang tourism in 2008, and the 5.24 measures that included the suspension of inter-Korean economic cooperation in 2010, using the Inter-Korean Cooperation Fund.

Special loans of 23.2 billion KRW and 3.9 billion KRW in operational management cost support will be provided to Kaesong Industrial Complex companies, while Mount Kumgang tourism companies and economic cooperation and trade companies will receive special loans of 13.6 billion KRW and 8.2 billion KRW in operational management cost support, respectively. The special loans involve lending a portion of the investment amount or net outflow to North Korea, with limits ranging from 300 million to 500 million KRW.

Minister of Unification Lee In-young said in his remarks at Gyochuhyeop, "Coincidentally, today is exactly the day when the Kaesong Industrial Complex closed six years ago," adding, "The related companies are enduring difficulties not only in management but also in livelihood, and the ongoing COVID-19 pandemic has exacerbated these challenges."

Minister Lee stated, "I hope this support will offer some consolation to the earnest businesspeople who are simply hoping for the reopening of the Kaesong Industrial Complex," and added, "The government will do its utmost to create conditions for the resumption of the Kaesong Industrial Complex."

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