S-N Industrial Park Construction to Start June 30
2003-06-20
Construction for a mammoth industrial park to be built in North Korea with the help of South Korea is expected to get off to a start late this month.
Hyundai Asan, a South Korean firm specializing in inter-Korean business ventures, said on Thursday (June 19) that it has agreed with the North to hold an opening ceremony on June 30 in the North Korean city of Gaeseong, just north of the truce village of Panmunjeom.
The two Koreas agreed on May 19 to begin construction in June during an economic cooperation meeting.
"We are working hard to meet the deadline just 11 days away," said Hong Joo-hyun, spokeswoman of Hyundai Asan. "We have yet to settle details such as the scale of the ceremony, the size of the delegation from Seoul and other scheduling issues. We expect to make the deadline, unless unexpected factors come into play," Hong said.
Hyundai's counterpart in the North, the Asia-Pacific Peace Committee, is actively cooperating for the launching ceremony, Hong said.
Hyundai expects the current tension over North Korea's nuclear program will not effect the economic project.
The Ministry of Unification, however, declined to confirm the report. "The schedule is still subject to change," a ministry official said.
The North passed a law on the Gaeseong industrial zone in November last year that would allow South Korean companies to run production and transaction activities in an market environment.
Hyundai Asan has been involved in the development of the industrial complex jointly with another South Korean firm, Korea Land Corp.
Source : www.korea.net
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