Recent data shows that about a third of South Korean companies doing business with North Korea have shut down since the government implemented the so-called May 24 sanctions on the North.
 
Rep. Chung Sye-kyun of the main opposition New Politics Alliance for Democracy disclosed the data from the Unification Ministry during a parliamentary audit session on Tuesday.
 
The data showed that 304 out of the 918 companies involved in inter-Korean business have closed after the government slapped sanctions on the North following the sinking of the Cheonan warship in 2010.  
 
The ministry said before the sanctions, a total of 43 South Korean companies were investing 84 billion won in inter-Korean projects with the government’s approval, excluding the Gaesong Industrial Complex and the suspended Mount Geumgang tour program.
 
The ministry added, however, that it is impossible to get the exact number of companies or calculate the amount of damage caused by the sanctions as there could be other affected businesses that are not on the list.