Seoul, Sep 13 (Prensa Latina) Seoul has approved a 109.5 million dollar plan to compensate companies affected by trade restrictions with Pyongyang, the Ministry of Unification announced today.
The amount will be mainly destined to compensate those companies which have suffered losses due to the decision of the Seoul executive to suspend in 2008 the joint tourist program in Mount Kumgang, according to the Yonhap agency.
According to the Unification Ministry, the item also includes firms whose businesses were interrupted after the South restricted inter-Korean trade in 2010.
Late in 2017, after knowing the significant losses suffered by the firms involved in these events, Seoul announced a plan to compensate them.
With these provisions, the government assumes its responsibilities to the difficulties caused to entrepreneurs by their actions and policy changes, the Ministry of Unification stated in a statement.
According to experts, repairing the losses suffered by South Korean companies is one of the plans of the president's executive, Moon Jae-in, to regain their confidence and add them to a plan of cooperation between the two countries when the conditions are met. Normalizing the business of companies previously involved in trade with the DPRK is one of the objectives of the compensation plan, the Ministry of Unification added.
The two Koreas will open a joint liaison office in the border city of Kaesong on Friday to promote exchange in different sectors and cross-border contacts.
Any attempt at rapprochement will find an obstacle in the international sanctions imposed on Pyongyang, still supported by Seoul, despite recent signs of reconciliation.
Kim Jong-un's government has reiterated its condemnation of the damage caused to the North Korean people by the punishments imposed under the preassure of the United States and its allies.
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According to the Unification Ministry, the item also includes firms whose businesses were interrupted after the South restricted inter-Korean trade in 2010.
Late in 2017, after knowing the significant losses suffered by the firms involved in these events, Seoul announced a plan to compensate them.
With these provisions, the government assumes its responsibilities to the difficulties caused to entrepreneurs by their actions and policy changes, the Ministry of Unification stated in a statement.
According to experts, repairing the losses suffered by South Korean companies is one of the plans of the president's executive, Moon Jae-in, to regain their confidence and add them to a plan of cooperation between the two countries when the conditions are met. Normalizing the business of companies previously involved in trade with the DPRK is one of the objectives of the compensation plan, the Ministry of Unification added.
The two Koreas will open a joint liaison office in the border city of Kaesong on Friday to promote exchange in different sectors and cross-border contacts.
Any attempt at rapprochement will find an obstacle in the international sanctions imposed on Pyongyang, still supported by Seoul, despite recent signs of reconciliation.
Kim Jong-un's government has reiterated its condemnation of the damage caused to the North Korean people by the punishments imposed under the preassure of the United States and its allies.
sgl/lrg/mv/ipf/gdc
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