Ground-breaking Ceremony of Kaesong Industrial Complex Held in DPRK

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Last updated at: (Beijing Time) Monday, June 30, 2003

Ground-breaking Ceremony of Kaesong Industrial Complex Held in DPRK

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Some 120 South Korean delegates attended the ground-breaking ceremony of an industrial complex held in Democratic People's Republic of Korea (DPRK)'s city of Kaesong, which is close to the inter-Korean border, on Monday noon.

According to the South Korean news TV channel YTN, the historic event lasted for half an hour in Kaesong, some 70 kilometers northof Seoul.

Hyundai Group's Chairman Chung Mong-hun, one of South Korean co-operators of the inter-Korean economic project, South Korean senior government officials and members of the National Assembly's Special Committee on Inter-Korean Affairs were present at the ceremony.

But the ground-breaking ceremony does not mean the beginning of the construction work because the two countries have not yet agreed on when to start the work.

Under an agreement reached by the two sides concerning the Kaesong project, an industrial complex will be built on a 2.4-million-square-meter site in the town itself, along with further facilities to be built on 3.6 million square meters of hinterland.

South Korea will invest 220 billion won (184 million US dollars)to develop 330,000 square meters of the complex to house some 300 manufacturers of textiles, clothing and electronic goods by 2007.

So far, some 900 South Korean companies have expressed their intention to do business in the new industrial town, according to Hyundai.

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