North Korea may close down the operations of the Gaeseong Industrial Complex, a symbol of inter-Korean economic cooperation.

An economist from the Industrial Bank of Korea, Cho Bong-hyeon, said that during his visit to Pyongyang late last month, North Korean officials told him the North will not engage in dialogue or cooperate with the Lee Myung-bak administration.

Cho said the North’s Committee for National Economic Cooperation which is in charge of inter-Korean economic cooperation will be downsized and renamed the National Economic Federation. It will now fall under the jurisdiction of the North’s governing Workers’ Party rather than the Cabinet.

The economist said the move may indicate the North's will to reduce inter-Korean economic cooperation and use inter-Korean business projects for political purposes.