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Firms in Gaeseong Complex Want Compensation

Written: 2008-12-05 14:18:55Updated: 0000-00-00 00:00:00

Firms in Gaeseong Complex Want Compensation

South Korean companies operating in North Korea's Gaeseong Industrial Complex are requesting the government compensate them for their losses.

An association of companies in the Gaeseong complex said they lost 110 billion won, or 75 million dollars, in sales between September and November due to strained inter-Korean ties.

They said monthly sales fell 30 percent year-on-year in September, 40 percent in October and 60 percent last month, and conditions are only expected to worsen if the situation goes unchecked.

The Unification Ministry is looking into their losses and discussing countermeasures with related agencies. But it is reluctant to provide direct compensation, citing possible equality complaints by other struggling companies in the South.

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