South Korea plans to revive foundation in bid to reopen inter-Korean industrial zone

By Anadolu staff

South Korea announced Tuesday that it plans to reinstate the Kaesong Industrial District Foundation as part of efforts to reopen the long-suspended inter-Korean factory zone in the North Korean border town of Kaesong.

Unification Minister Chung Dong-young said the move to revive the defunct body that once supported the Kaesong Industrial Complex reflects Seoul’s determination to restore a key symbol of inter-Korean cooperation and rebuild economic engagement with Pyongyang, according to Yonhap News Agency.

"By reviving the Kaesong Industrial District Foundation, the government will prepare for the reoperation of the complex," Chung said.

The Kaesong Industrial Complex, launched in 2004, was a landmark project combining South Korean capital with North Korean labor. However, it was shut down in 2016 after North Korea conducted a series of nuclear and missile tests.

The foundation, which supported South Korean companies operating in the complex, was disbanded in March last year under the administration of President Yoon Suk Yeol.