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In 2006, Park Suhk-sam, senior economist at the Bank of Korea, predicted the industrial zone could create 725,000 jobs and generate $500 million in annual wage income for the North Korean economy by 2012. Five years later, another $1.78 billion would be earned from annual corporate taxes levied on South Korean companies participating in the ...
The city is near the Kaesong Industrial Region close to the border with South Korea and contains the remains of the Manwoldae palace. Called Songdo while it was the ancient capital of Goryeo, the city prospered as a trade centre that produced Korean ginseng. Kaesong now functions as North Korea's light industry centre.
Development there, along with the Kaesong industrial zone, had been the major economic projects of, and a token of rapprochement between, the governments on the peninsula split by the 1950-53 ...
May 3 – The remaining seven South Korean workers at Kaesong Industrial Region left. [71] The Kaesong Industrial Complex, the last symbol of inter-Korean relations, was shut down. North Korea stated that South Korea was fully culpable for the shutdown, and claimed that any finished products left at the Kaesong Complex would belong to the North.
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The Republic of Korea Army confirmed through visual observation that the inter-Korean Liaison Office building in the Kaesong industrial area had been blown up, and the North Korean authorities later confirmed that the General Headquarters of the Korean People's Army had given orders to the mission unit to blow up the inter-Korean Liaison Office ...
An industrial region or industrial area is a geographical region with extremely dense industry. It is usually heavily urbanized . Panorama of North Korea 's Kaesong Industrial Region.
The Inter-Korean Liaison Office (Korean: 남북공동연락사무소) was a joint liaison office of North Korea and South Korea located in North Korea's Kaesong Industrial Region. In the absence of formal diplomatic relations, the building functioned as a de facto embassy and provided a direct communication channel for the two nations. [1]