SOUTH KOREA: Major Textile Cos to Move to Kaesong Industrial Complex

A total of 174 local textile companies are hoping to move to an industrial park, slated to be built in Kaesong, North Korea, the Korea Federation of Textile Industries (KOFOTI) said recently.

According to a demand survey on the Kaesong Industrial Complex covering South Korean textile firms, 174 companies expressed an intention to locate at the proposed industrial park.

The figure is up 40 firms from a similar study carried out by the association in 2000.

Of the 174 firms, clothes manufacturers were the largest in number with 69 companies and weaving companies came next with 39.

Dying firms ranked third with 27, followed by spinning companies with 17 and chemical fiber manufacturers with 2.

The survey indicated the applicants intend to pump US$395 million into the North Korean industrial park and wanted to buy 2.3 million square meters of land for their operations.

They hoped to hire some 38,000 workers there, paying a monthly salary of US$85.

Meanwhile, their requirements for the operations in the Kaesong Industrial Complex were standing management staff, free come-and-go, insurance systems in preparation for investment risk, guaranteed free operations and financial aid to them from the government.

December 13, 2002

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Added: December 13, 2002
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