South Korean companies are reviewing the feasibility of conducting business in North Korea ahead of the summit between the United States and North Korea.
They are moving to position themselves to enter North Korea's largely untapped market.
Related bills were also introduced at the National Assembly amid high expectations for economic exchanges with North Korea.
Chung Seon-mi has more.
The country’s companies are showing high interests in business opportunities in North Korea before the upcoming summit between the U.S. and North Korea.
Their move reflects growing expectations that the summit will set the stage for facilitating economic cooperation between South and North Korea.
Lotte organized a team dedicated to studying the northern area, including North Korea and carrying out cooperation projects.
South Korea’s sanitary product maker Yuhan Kimberly prepares for a forestation project in North Korea, which suffers from deforestation.
SM Group wants to explore North Korean resources while Keangnam Enterprises and Dongah Construction Industrial plan to enter the North Korean construction market. Tourism companies are considering ways to launch North Korean tourism packages involving Geumgang Mountain and Masikryong ski resort.
Interests are also growing among companies that hope to launch operations at Kaesong Industrial Complex in North Korea.
<Yoo Chang-geun / Chairman of Task Force for Resumption of Kaesong Industrial Complex> “We are receiving a lot of calls from companies asking for ways to start operations in Kaesong Industrial Complex as they are concerned that the country’s minimum wage hike could weaken their competitiveness.”
The National Assembly is seeing an increase in the number of proposals for inter-Korean economic exchanges.
<Yoon Gwan-seok / Lawmaker at Democratic Party of Korea> “I have proposed amendments on three acts related to rail construction to pave the way for railroad development projects that link the two Koreas. This is designed to build legal grounds and develop construction technologies and standards.”
The companies are looking to seize business opportunities in North Korea amid heightening expectations for closer ties between the two Koreas.
Eyes are on whether the summit will prove to be a success and such visions turn into reality.
Chung Seon-mi reporting for Yonhap News TV.
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