North Korea has finally given some hope on re-opening the shut down Kaesong industrial park, which was closed following the rise in tension between the two Korean neighbors in April 2013. Negotiating officials belonging to the two neighbors agreed this Wednesday on having one more round of negotiations on the issue of reopening the Kaesong industrial park. North Korea has accepted to resume talks with their South Korean Neighbors on August 14th to discuss various issues related to the re-opening of the industrial park. South Korea had recently stated that it is giving a final chance to North Koreans to come the issue related to Kaesong Industrial park.
North Korea has responded positively to the ultimatum given by the South Korean officials. South Korea has also accepted the North Korean’s offer to hold talks on 14th of August.
Brief History of Kaesong Industrial Park
Kaesong Industrial park was established in 2004 as a result of a landmark agreement between the two Koreas. As a part of the agreement, this industrial park would act as a meeting ground between the South Korean Business owners and the North Korean workers. Most of the factories in the industrial complex are run by South Korean business owners.
A spokesman belonging to the committee from the North Korean side handling cross-border relations gave away the statement containing the proposed date for future talks. This statement was carried by the state news agency. The committee had given a commitment that North Korea would allow South Korean Business owners to resume factory operations in the industrial park. North Korean officials are also willing to send North Korean workers to work in the Kaesong industrial park. The committee spokesperson from the North Korean side also said that steps would be taken to avoid recurrence of events leading to the closure of the industrial unit. But the statement made by the North Korean Committee members did not mention any guarantee from the North Korean side. In April 2013, North Korea unilaterally gave a directive to all of its workers in the industrial park to stop working in the industrial units.
Back From the Brink
In April 2013, South Korean Media come out with a report that the North Korean Economy is totally dependent on the revenues generated by Kaesong industrial park amidst the growing military tensions. Angered by this negative media coverage, North Korea stopped all 53,000 North Koreans from working in this park.
The unification ministry in South Korea has accepted another round of talks hoping that all the issues would be sorted over the table paving the way for reopening of the industrial units in the joint industrial park. Very recently South Korean officials were reviewing the state-funded insurance payments that are required to be paid to 109 of the 123 South Korean companies that were closed in April 2013. When the insurance payment started, it would signify the beginning of South Korean private business owners handing over the companies to the South Korean Government. If it had happened, the situation would have become more complex with very little chances of re-opening the Kaesong industrial park.
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