South Korea announced Sunday that it would channel some 330 billion won ($267 million) into a government fund to compensate companies forced out of a joint factory park in North Korea’s border city of Gaesong.
“In order to minimize economic losses suffered by the companies, we reached a consensus on the amount of compensation fund to make the payment as soon as possible,” an official from the Unification Ministry told reporters after the meeting to discuss the plan to compensate the hard-hit businesses.
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Prime Minister Hwang Kyo-ahn browses through items during a sale promoting Gaeseong industrial park products at Lotte Department Store in Seoul on Sunday. Yonhap |
