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Koreas Set Up Joint Venture in Pyongyang

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    Posted: 03 October 2005 at 12:49

Koreas Set Up Joint Venture in Pyongyang

By Park Song-wu
Staff Reporter
South and North Korea Friday inaugurated an inter-Korean joint venture textile company in Pyongyang.

It is the first time for the two Koreas to establish a company in the North¡¯s capital and manage it together.

Seoul¡¯s Andong Hemp Textile and Pyongyang¡¯s Saebyol General Company each funded $5 million to set up the Pyongyang Hemp Textile Company.

Eight technicians and two managers from the South plan to stay in Pyongyang to co-manage the startup company.

``Our endless efforts to persuade the North over the past five years finally paid off,¡¯¡¯ Kim Jung-tae, president of the Andong Hemp Textile, told Yonhap News Agency. ``I think we opened the way for the South¡¯s manufacturing industry that is on the decline to make a leap forward.¡¯¡¯

Kim will work as the representative director of the new company¡¯s four-member directorate, two each from South and North Korea.

``We plan to cultivate hemp in eight provinces in North Korea by 2007,¡¯¡¯ Kim said. ``More than 160,000 people will be employed at hemp farms. In addition, more than 12,000 people will be hired to operate textile and paper-making companies.¡¯¡¯

Around 170 South Korean businessmen took a chartered flight from Seoul to Pyongyang via a direct route on the West Sea to participate in the inauguration ceremony that took place in Pyongyang¡¯s Tongdaewon District.

Later in the day, the North hosted an investor relations (IR) session at a hotel in Pyongyang for the businessmen from the South.

``It is the first IR session being held in Pyongyang for South Korean businessmen,¡¯¡¯ Rhee Bong-jo, vice unification minister, said at a press conference in Seoul on Thursday.

The Korean Peninsula was divided into two entities in 1945.

South Korean presenters explained how to enhance inter-Korean economic relations, while their Northern counterparts focused on reporting the investment environment in North Korea.

09-30-2005 17:44

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