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NoKor and South Korea agree on reopening of joint industrial park

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August 17
9:12 AM 2013

The two Koreas said it had agreed to reopen the Kaesong industrial zone. The joint industrial park was closed in April when tensions escalated between North and South Korea after Pyongyang's threat of a nuclear strike. The agreement came after a series of talks, giving hope of better political ties between the two sides. The statement did not state a specific date for the opening.

In a joint statement, the two states said, "South and North guarantee the industrial zone's normal operation ... without influence of any kind from the political situation." President Park Geun-hye of South Korea welcomed the development. She told Korean media she is hopeful that "today's talks will be the beginning of a new start of South and North Korea relations."

The Kaesong industrial zone was one of the rare sources of money for North Korea since it was opened in 2004. So far, a total of USD 90 million in annual wages has been generated from Kaesong. The money was paid to the North Korean State Agency, who is in charge of managing the industrial zone.

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