A ground-breaking ceremony for the development office of the Industrial Complex at Gaesung was held on the complex grounds in the North Korean city Thursday morning, with 120 officials from both Koreas in attendance.

In a congratulatory speech, Kim Jin-ho, the president of the Korea Land Development Corporation, said that the Gaesung Industrial Complex project is one of the most crucial components of inter-Korean economic cooperation, and declared that its completion would bring about economic benefits for both sides.

The development office will be built on a floor space of 1,650 square meters of land, whose construction work in earnest will start after March of next year.