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At times of tension between North and South Korea, southern access to the Industrial Park has been restricted.On 10 February 2016, the South Korean Ministry of Unification announced that the industrial park would be "temporarily" closed down and all staff recalled, partly in protest over continued North Korean provocations, including a satellite launch and a claimed hydrogen bomb test in January 2016.Construction started in June 2003, and in August 2003 North and South Korea ratified four tax and accountancy agreements to support investment.
These are external links and will open in a new windowSouth Korea has suspended operations at a jointly run industrial park in North Korea following the North's recent rocket launch and nuclear test.
This came as On 17 April, North Korea barred a delegation of 10 South Korean businessmen from delivering food and supplies to the 200 South Korean staff who remained in the industrial zone.On 4 July, both countries agreed in principle that the Kaesong Industrial Park should be reopened, as tensions between the two began to cool.On 13 September, before the reopening of Kaesŏng Industrial region, the two governments held a subcommittee meeting to iron out additional issues regarding entrance, legal stay, communication, customs and passing.On 16 September, Kaesŏng was reopened after five months.On Thursday, 11 February, a few minutes before midnight, the South announced it had shut off the supply of electricity and water into Kaesong that supplied the factory zone.In South Korean domestic politics, there were two opposing viewpoints toward the 2016 closure – while the In December 2017, an expert panel investigating the decision to close the park found that there was no evidence that North Korea had diverted wages to fund its nuclear program. The project was launched in 2004, largely financed by the South to increase co-operation.It is one of the last remaining points of peaceful engagement between North and South Korea, and is often seen as an indicator of relations between them.South Korea has said the purpose of the KIC was to develop an industrial park where South Korean companies could manufacture their products using North Korean labour.It argued that would help North Korea start to reform its economy, which is in a dire state, and ease tensions between the two Koreas.It was also seen as a way to encourage companies to keep production local rather than moving to China or other low-wage countries.Although it is a private venture, run by Hyundai Asan, part of the Hyundai Group, and the Korea Land Corporation (also a South Korean company), both governments are involved in the initiative.Companies have been given incentives by the South Korean government to move operations there, including political risk insurance to cover losses in their investment.
All the goods made there are exported to South Korea for sale.The KIC is a duty-free zone, and there are no restrictions on the use of foreign currency or credit cards. For the first time, in 2011, the companies in the KIR recorded an average operating profit of ₩56 million ($56,241 US), finally operating in the black after years in deficit.On 3 April 2013, North Korea began to deny South Korean employees access to the Kaesong Industrial region.
South Korea halts joint venture after North's tests Ban Ki-moon will become the first UN Secretary General to set foot in North Korea for more than 20 years on Thursday when he visits the Kaesong joint industrial complex just over the border. The head of the panel Kim Jong-soo said, "The presidential office inserted the wage-diversion argument as major grounds, yet without concrete information, sufficient evidence and consultations with related agencies, mainly citing defector testimonies that lack objectivity and credibility. Kaesong is a special administrative region of North Korea formed in 2002 featuring the Kaesong Industrial Park, a collaborative economic development zone with South Korea. Late in 2010, North Korean artillery units fired shells onto and around Yeonpyeong Island in disputed waters. The Kaesong Industrial Complex (KIC) is located inside North Korea just across the demilitarised zone from South Korea. Seoul says a North Korean torpedo sank the ship, but Pyongyang denies any role in the incident.
It is the biggest contributor to inter-Korean trade.
About: The Kaesong Industrial Complex (KIC) is located inside North Korea just across the demilitarised zone from South Korea. Veel vertaalde voorbeeldzinnen bevatten "Kaesong industrial complex" – Engels-Nederlands woordenboek en zoekmachine voor een miljard Engelse vertalingen. Entry into KIC was shut for several days and hundreds of South Korean workers were effectively trapped.Some observers attribute a decline in production for the year to this incident. Four South Koreans were killed, including two civilians.It was the first direct artillery attack since the 1950-1953 Korean war.
At times of tension between North and South Korea, southern access to the Industrial Park has been restricted.On 10 February 2016, the South Korean Ministry of Unification announced that the industrial park would be "temporarily" closed down and all staff recalled, partly in protest over continued North Korean provocations, including a satellite launch and a claimed hydrogen bomb test in January 2016.Construction started in June 2003, and in August 2003 North and South Korea ratified four tax and accountancy agreements to support investment.
These are external links and will open in a new windowSouth Korea has suspended operations at a jointly run industrial park in North Korea following the North's recent rocket launch and nuclear test.
This came as On 17 April, North Korea barred a delegation of 10 South Korean businessmen from delivering food and supplies to the 200 South Korean staff who remained in the industrial zone.On 4 July, both countries agreed in principle that the Kaesong Industrial Park should be reopened, as tensions between the two began to cool.On 13 September, before the reopening of Kaesŏng Industrial region, the two governments held a subcommittee meeting to iron out additional issues regarding entrance, legal stay, communication, customs and passing.On 16 September, Kaesŏng was reopened after five months.On Thursday, 11 February, a few minutes before midnight, the South announced it had shut off the supply of electricity and water into Kaesong that supplied the factory zone.In South Korean domestic politics, there were two opposing viewpoints toward the 2016 closure – while the In December 2017, an expert panel investigating the decision to close the park found that there was no evidence that North Korea had diverted wages to fund its nuclear program. The project was launched in 2004, largely financed by the South to increase co-operation.It is one of the last remaining points of peaceful engagement between North and South Korea, and is often seen as an indicator of relations between them.South Korea has said the purpose of the KIC was to develop an industrial park where South Korean companies could manufacture their products using North Korean labour.It argued that would help North Korea start to reform its economy, which is in a dire state, and ease tensions between the two Koreas.It was also seen as a way to encourage companies to keep production local rather than moving to China or other low-wage countries.Although it is a private venture, run by Hyundai Asan, part of the Hyundai Group, and the Korea Land Corporation (also a South Korean company), both governments are involved in the initiative.Companies have been given incentives by the South Korean government to move operations there, including political risk insurance to cover losses in their investment.
All the goods made there are exported to South Korea for sale.The KIC is a duty-free zone, and there are no restrictions on the use of foreign currency or credit cards. For the first time, in 2011, the companies in the KIR recorded an average operating profit of ₩56 million ($56,241 US), finally operating in the black after years in deficit.On 3 April 2013, North Korea began to deny South Korean employees access to the Kaesong Industrial region.
South Korea halts joint venture after North's tests Ban Ki-moon will become the first UN Secretary General to set foot in North Korea for more than 20 years on Thursday when he visits the Kaesong joint industrial complex just over the border. The head of the panel Kim Jong-soo said, "The presidential office inserted the wage-diversion argument as major grounds, yet without concrete information, sufficient evidence and consultations with related agencies, mainly citing defector testimonies that lack objectivity and credibility. Kaesong is a special administrative region of North Korea formed in 2002 featuring the Kaesong Industrial Park, a collaborative economic development zone with South Korea. Late in 2010, North Korean artillery units fired shells onto and around Yeonpyeong Island in disputed waters. The Kaesong Industrial Complex (KIC) is located inside North Korea just across the demilitarised zone from South Korea. Seoul says a North Korean torpedo sank the ship, but Pyongyang denies any role in the incident.
It is the biggest contributor to inter-Korean trade.
About: The Kaesong Industrial Complex (KIC) is located inside North Korea just across the demilitarised zone from South Korea. Veel vertaalde voorbeeldzinnen bevatten "Kaesong industrial complex" – Engels-Nederlands woordenboek en zoekmachine voor een miljard Engelse vertalingen. Entry into KIC was shut for several days and hundreds of South Korean workers were effectively trapped.Some observers attribute a decline in production for the year to this incident. Four South Koreans were killed, including two civilians.It was the first direct artillery attack since the 1950-1953 Korean war.