Sales at Gaesung Industrial Complex Deferred
Due to the reported nuclear test by North Korea, the sale of Gaesung industrial complex that was originally scheduled is indefinitely deferred. The Ministry of Construction and Transportation and the Korean Land Corporation (KLC) announced, “It was originally scheduled to sell industrial lots in the Gaesung industrial complex at the end of this month, but due to the sudden, unexpected situation caused by North Korea’s nuclear test, even we are not sure of the Gaesung project itself now. Therefore, we decided to defer the sale indefinitely.”
The KLC will decide whether it is possible to sell lots at the complex after examining inter-Korean relations and the international situation. However, in the current atmosphere in which the international community and the UN are calling for sanctions against North Korea, and even South Korea hinted that it will review the assistance to North Korea, the corporation has no choice but to defer the sale.
According to a source at KLS, it is the second time to defer because of sudden North Korean provocative actions. First was the missile test firing in July and the nuclear test this time. Since these unexpected barriers recently arose, KLC, that has invested over 70 million won in Gaesung, will take on much burden for future business operations due to the deteriorated atmosphere on the Korean peninsula.
A source at KLC said, “Even though the date to sell lots at the Gaesung industrial complex is deferred, there will be no immediate economic blow because 83% of the construction process would be completed by July next year. But in the event the project becomes a target of UN sanctions against North Korea, KLC may face worse barrier.” It is reported that KLC, as the domestic and international atmosphere stabilizes, will try to set a new date and method for selling lots after conducting a consumption survey.
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 / 입력시간: 2006. 10.12. 09:25
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