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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Gov’t reviews support for investors in inter-Korean projects

  • PUBLISHED :August 07, 2017 - 17:56
  • UPDATED :August 07, 2017 - 17:56
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[THE INVESTOR] The Unification Ministry plans to begin reviewing financial support for local firms that invested in projects with North Korea, officials said on Aug. 7.

About 400 local firms that were hit by either Seoul‘s 2010 sanctions or South Korea’s 2008 suspension of a joint tour project on Mount Kumgang are likely to be subject to the government‘s new financial assistance, they added.

“Government agencies are expected to begin their consultations over it this week,” a government official said.

About 1,150 South Korean firms invested in inter-Korean economic projects or entered into business deals with North Korea while inter-Korean relations remained good from 1998-2008 under South Korea’s previous liberal administrations.

But they have suffered setbacks following Seoul‘s halt of the Mount Kumgang tour program on the North’s east coast and its imposition of sanctions in May 2010 over North Korea‘s sinking of a South Korean warship.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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