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Seoul to pay insurance to companies working at Kaesong

August 07, 2013, 12:12 UTC+3

At first stage, 109 companies will be paid compensations at the amount of $6.25 million dollars

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SEOUL, August 7 (Itar-Tass) - The government said a 251.2 million dollar insurance payment would be paid to companies working at the Kaesong Industrial Park.

Insurance payments will be paid to companies, which open its factors at the Kaesong zone and provide service to ensure the activity of the complex. On the first stage a total of 109 companies will be paid compensations at the amount of $6.25 million dollars. “The payments will be started tomorrow. Other companies, which did not ask for compensations, have right to receive insurance payments,” spokesperson to the Unification Ministry Kim Hyung-seok said.

The Kaesong industrial zone, which was closed by the North Korean authorities’ decision, does not function over four months. Thus, South Korean companies sustained losses at the sum of over one billion dollars.

After compensations are paid South Korea will manage these companies.

The Kaesong complex started to work in 2004. Till now it has been the unique example of cooperation between the North and the South.

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