आपकी जीत में ही हमारी जीत है
loading...
11:34 PM | Fri, 02 Dec 2016

Download Our Mobile App

Download Font

Seoul cuts power, water supply to inter-Korean industrial complex

294 Days ago

seuol 12216

Seoul: South Korean authorities have cut off water and power supply to the Kaesong industrial complex, a jointly run factory park across the North Korean border, officials said on Friday. Power transmission was halted at 11.53 p.m. on Thursday night, South Korea's unification ministry officials said. The measure would also automatically stop the water supply for the complex, the official said.

After South Korea announced on Wednesday that it suspended the operation of the complex in response to North Korea's nuclear and long range missile test, Pyongyang responded by seizing all assets in the complex and expelling South Korean personnel from there.

On Friday, a group of South Korean companies which were producing in the now closed industrial complex asked the South Korean government for "full support" as they are expecting "unimaginable losses" from the park's closure. The 124 South Korean companies which manufacture in the inter-Korean venture with North Korean workers claim they will not only suffer financial losses but will lose business partners and credibility as well.

South Korean companies pay a total of about $100 million to North Korean workers for wages every year. The factories have served as a major foreign currency revenue source for the cash-strapped North, while South Korea has benefited from cheap but skilled North Korean labour. When the industrial park was closed in 2013 for 160 days, South Korean firms reported a combined loss of $870 million.  (IANS)

Viewed 135 times
  • SHARE THIS
  • TWEET THIS
  • SHARE THIS
  • E-mail
You might also want to read

Our Media Partners

app banner

REVOLUTIONARY ONE-STOP ALL-IN-1 MARKETING & BUSINESS SOLUTIONS

  • Digital Marketing
  • Website Designing
  • SMS Marketing
  • Catalogue Designing & Distribution
  • Branding
  • Offers Promotions
  • Manpower Hiring
  • Dealers
    Retail Shops
    Online Sellers

  • Distributors
    Wholesalers
    Manufacturers

  • Hotels
    Restaurants
    Entertainment

  • Doctors
    Chemists
    Hospitals

  • Agencies
    Brokers
    Consultants

  • Coaching Centres
    Hobby Classes
    Institutes

  • All types of
    Small & Medium
    Businesses

  • All types of
    Service
    Providers

FIND OUT MORE