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Hyundai and DPRK Finalize Kaesong Development Plan
Final negotiations between Hyundai and DPRK over an economic development plan for the city of Kaesong have been completed. The two parties agreed that construction will begin in early November in order to develop Kaesong into a special economic and tourism zone.
A source from Hyundai said on August 23 that, "Hyundai Asan Corporation Chairman Chung Mong-hun and Hyundai Engineering & Construction President Kim Yun-kyu met with Chief Secretary Kang Jong-hun of the DPRK Asia-Pacific Peace Committee and signed the final agreement on details of development plan for Kaesong. Surveying can begin at the beginning of September. The main construction work can begin around November."
The industrial complex will be centered around Pyonghwa-ri, Panmun-kun in Kaesong. The industrial complex will encompass three kun (county) in Kaesong covering a total area of 5.6 million pyong (18.5 square kilometers). The industrial complex will occupy an area of 2.4 million pyong. A planned community for workers will be constructed on outskirts of Kaesong and will cover an area of 12 million pyong.
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