Kaesong Industrial Complex Companies Establish Cooperative... Moon Chang-seop, CEO of Samdeok Tongsang, Appointed as First Chairman

54 Companies Participating in Kaesong Industrial Complex Form Association to Promote Joint Projects

The National Kaesong Industrial Complex Business Cooperative announced on the 24th that it has resolved to establish a cooperative based on the Small and Medium Enterprise Cooperative Act to overcome the difficult management situation caused by the suspension of operations. Photo by National Kaesong Industrial Complex Business Cooperative

[Asia Economy Reporter Kim Heeyoon] Companies involved in the Kaesong Industrial Complex project have established the National Kaesong Industrial Complex Business Cooperative to promote joint business initiatives.

The National Kaesong Industrial Complex Business Cooperative announced on the 24th that it resolved to establish a cooperative based on the Small and Medium Enterprise Cooperative Act to overcome the difficult management situation caused by the suspension of operations.

Fifty-four company representatives participated as promoters in the establishment of the National Kaesong Industrial Complex Business Cooperative. At the inaugural general meeting, 31 promoters attended as representatives, including Moon Changseop, CEO of Samdeok Trading, Lee Heegeon, CEO of Nine, Sung Hyunsang, CEO of Manseon, and Lee Jaecheol, CEO of Jesicom.

The Kaesong Industrial Complex Cooperative aims to reduce OEM companies' dependence on primary contractors through joint brand projects and strengthen self-sustainability and expansion foundations by developing product sales channels. Additionally, it plans to pioneer overseas markets and jointly participate in government and public institution procurement projects through initiatives such as the "Export Consortium Project" and the "Small-Scale Contract Support Project," and to resolve logistics difficulties for resident companies by promoting the "Paju Area Kaesong Industrial Complex Companies Joint Logistics Project."

Moon Changseop, CEO of Samdeok Trading and the first chairman elected for the National Kaesong Industrial Complex Business Cooperative, stated, "Companies involved in the Kaesong Industrial Complex project have the resilience to create a competitive value chain system by utilizing North Korea's labor and South Korea's capital and technology," adding, "Based on this experience, we will be able to adapt to the changing environment in the post-COVID-19 era."