Kaesong Industrial Complex Enterprises Association Holds Urgent Press Conference
"Policy and Economic Support from the Government Needed"
A businessperson from the Kaesong Industrial Complex urged, "We hope that President Donald Trump's visit to South Korea will lead to a North Korea-U.S. summit and the resumption of inter-Korean dialogue."
The Kaesong Industrial Complex Enterprises Association held an "Urgent Press Conference to Promote the North Korea-U.S. Summit and Urge the Restoration of Inter-Korean Economic Cooperation" on the 28th at the Korea Federation of Small and Medium Business in Yeouido, Seoul, and stated, "We hope that discussions on establishing peace on the Korean Peninsula will lead to the restoration of inter-Korean economic cooperation."
The Kaesong Industrial Complex Enterprises Association held an "Urgent Press Conference to Promote the North Korea-U.S. Summit and Urge the Restoration of Inter-Korean Economic Cooperation" on the 28th at the Korea Federation of Small and Medium Business in Yeouido. Korea Federation of Small and Medium Business
Present at the press conference were Kim Ki-moon, the first president of the Kaesong Industrial Complex Enterprises Association and current chairman of the Korea Federation of Small and Medium Business; Cho Kyung-joo, current president of Seokchon Ceramics and the 11th president of the association; Moon Chang-seop, president of Samduk Trading and the 2nd president; Lee Jae-chul, CEO of Jessicom and the 9th president; as well as more than 20 current and former presidents and tenant businesspeople from the association.
They expressed hope that President Trump's visit to South Korea during the Asia-Pacific Economic Cooperation (APEC) Summit would provide an opportunity to discuss various ways to establish peace on the Korean Peninsula, including the restoration of inter-Korean economic cooperation. Specifically, they requested: ▲ discussions on a North Korea-U.S. summit and the establishment of peace on the Korean Peninsula ▲ preparation of an action plan for restoring inter-Korean economic cooperation ▲ support and cooperation from the international community for small and medium-sized enterprises' efforts in inter-Korean economic cooperation.
From 2004 to 2016, the Kaesong Industrial Complex produced 3.23 billion dollars (approximately 4.6241 trillion won) worth of goods through 124 companies and created 54,000 jobs. However, since operations were suspended in 2016, more than 30% of tenant companies have been unable to operate normally, and, according to their claims, there has been little actual compensation apart from insurance payouts.
Moon Chang-seop, president of Samduk Trading, explained, "Although we also operate factories in Vietnam, there is a significant difference in communication compared to the Kaesong Industrial Complex. In Vietnam, to solve a single problem, we have to provide individual feedback through an interpreter, but at the Kaesong Industrial Complex, we can quickly improve on-site productivity, which is a major advantage."
Kim Ki-moon, chairman of the Korea Federation of Small and Medium Business, said, "Several companies have lost lawsuits against the government, and the Kaesong Industrial Complex has not received much attention as various administrations have come and gone. I believe that if the complex is reopened, the government should provide a certain level of policy and economic support." He added, "If the complex reopens, it would be good to develop it into an international industrial complex with the participation of foreign companies so that it is not swayed by external political factors."
He stated, "Inter-Korean economic cooperation is a practical breakthrough for small and medium-sized enterprises suffering from rising labor costs and labor shortages," and added, "With this APEC Summit as an opportunity, discussions on establishing peace on the Korean Peninsula through inter-Korean economic cooperation with the support of the international community should also take place."
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