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Seoul Offers Aid to Business in Shuttered North Korean Complex South Korea Offers Aid to Business in Shuttered North Korean Complex
(about 2 hours later)
SEOUL, South Korea — Seoul on Wednesday announced financial aid for 123 South Korean factories left stranded in an industrial zone in North Korea as the North showed no signs of allowing the complex to reopen. SEOUL, South Korea — South Korea on Wednesday announced financial aid for 123 South Korean factories left stranded in an industrial zone in North Korea as the North showed no signs of allowing the complex to reopen.
North Korea pulled all its 53,000 workers out of the Kaesong Industrial Complex, located in the North Korean town of the same name, on April 9 out of anger over joint U.S.-South Korean military drills. It also blocked South Korean managers and supplies from entering the joint factory park. North Korea pulled all its 53,000 workers out of the Kaesong Industrial Complex, located in the North Korean town of the same name, on April 9 out of anger over joint American-South Korean military drills. It also blocked South Korean managers and supplies from entering the joint factory park.
The moves raised doubts over the future of the complex, the last remaining symbol of economic ties between the two Koreas, and pushed some of the South Korean companies that owned factories there to the brink of bankruptcy.The moves raised doubts over the future of the complex, the last remaining symbol of economic ties between the two Koreas, and pushed some of the South Korean companies that owned factories there to the brink of bankruptcy.
The financial assistance announced on Wednesday included $8 billion in special loans and $14.3 million in bank loans whose repayments will be postponed with government help. The companies will also get tax relief and unemployment allowances if any of their South Korean workers are laid off because of the trouble in Kaesong.The financial assistance announced on Wednesday included $8 billion in special loans and $14.3 million in bank loans whose repayments will be postponed with government help. The companies will also get tax relief and unemployment allowances if any of their South Korean workers are laid off because of the trouble in Kaesong.
“We will do our best to minimize the damages for the companies that have factories in Kaesong,” said Kim Kyung-suk, spokesman of the Unification Ministry of South Korea. He indicated that more aid would be provided if the shutdown continued. “We will do our best to minimize the damages for the companies that have factories in Kaesong,” said Kim Hyung-suk, a spokesman for the Unification Ministry of South Korea. He indicated that more aid would be provided if the shutdown continued.
The factory park began producing goods eight years ago when South Korea was pushing its “Sunshine Policy” of encouraging economic cooperation with the North to ease military tensions on the divided Korean Peninsula. Dozens of South Korean companies were encouraged to relocate their labor-intensive factories to Kaesong to use lower-cost North Korean workers.The factory park began producing goods eight years ago when South Korea was pushing its “Sunshine Policy” of encouraging economic cooperation with the North to ease military tensions on the divided Korean Peninsula. Dozens of South Korean companies were encouraged to relocate their labor-intensive factories to Kaesong to use lower-cost North Korean workers.
About 900 South Korean managers used to supervise their factories in Kaesong. As of Wednesday, 176 of them still stayed there, hoping the North will send its workers back in soon. About 900 South Korean managers used to supervise their factories in Kaesong. As of Wednesday, 176 of them still stayed there, hoping the North would send its workers back in soon.
Pyongyang has rejected Seoul’s proposal for dialogue to settle the dispute over the factory park. The North has rejected the South’s proposal for dialogue to settle the dispute over the factory park.

This article has been revised to reflect the following correction:

Correction: April 24, 2013

An earlier version of this article included an incorrect given name for a spokesman for the the Unification Ministry of South Korea. He is Kim Hyung-suk, not Kyung-suk.