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Gov't to Provide Active Support for Gaeseong Firms

Written: 2013-04-24 18:21:53Updated: 2013-04-24 18:38:24

Gov't to Provide Active Support for Gaeseong Firms

The government will provide comprehensive support for South Korean companies that are in crisis from the suspended operations at the Gaeseong Industrial Complex.

Unification Ministry spokesman Kim Hyung-seok said on Wednesday that the ministry and other related ministries will produce detailed support measures for the troubled firms. The measures will include providing emergency loans from the Inter-Korean Cooperation Fund.

The Finance Ministry decided to produce ways to provide financial assistance, while the Financial Services Commission (FSC) will provide emergency liquidity and enhance guarantee support programs through the Korea Credit Guarantee Fund.

The unification ministry spokesman said that about nine billion won worth of additional guarantee support will be provided to 13 companies through the Korea Credit Guarantee Fund.

The Small and Medium Business Administration also decided to provide emergency loans as well as not to redeem any outstanding loans taken out by the firms.

Wednesday marks the 22nd day since North Korea banned the entry of South Koreans into the inter-Korean industrial park. Currently, 176 South Koreans remain at the complex.

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