Food, Distribution, Tourism Sectors Eye N. Korean Market

Write : 2018-06-12 16:47:04 Update : 2018-06-12 17:16:08

Food, Distribution, Tourism Sectors Eye N. Korean Market

South Korea's consumer goods industries such as the food, distribution and tourism sectors have welcomed the successful summit between North Korea and the United States.

Industry officials are determined to embark on business projects targeting North Korea once conditions are fostered for inter-Korean economic cooperation.

This is especially for the food and distribution sectors that struggle with chronic weak consumption in the domestic market due to South Korea's aging population, among other reasons.

These sectors anticipate the North Korean market with a population of 25 million will be a stepping stone for their mid- to long-term growth.

South Korea's fifth largest conglomerate Lotte Group has already set up a related task force and is pushing to launch research and cooperation projects regarding the northern region which includes North Korea, Russia's Maritime Province and China's three northeastern provinces.

An official at Yuhan-Kimberly, a manufacturer of household items, also expressed hopes for the opening of the North Korean market.

The official said the summit went well and if the North Korean market does open, it will mean twice the market size for South Korea.

If inter-Korean exchanges resume, Yuhan-Kimberly plans to first work toward forest restoration in the North with the aim to revive the ecosystem of the Korean Peninsula.

The tourism and resort sectors are also eyeing North Korea and gearing up preparations to develop sightseeing courses. 

[Photo : KBS News]

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