S. Korea postpones international investment roadshow at Kaesong

15 10 2013

kaesong-complex-dprk(BY OLIVER HOTHAM, NK News, OCTOBER 15, 2013) SEOUL – An investment roadshow aimed at promoting foreign investment for the joint-run Kaesong industrial complex has been postponed, the South Korean government announced on Monday.

The event, intended to be held at the end of the month on October 31, had been planned to encourage foreign companies to set up factories in the jointly run Kaesong industrial complex, which currently only hosts South Korean companies that use North Korean labor. North Korea was informed of the postponement on Friday, and a new date for the show is yet to be set.

A Unification Ministry spokesperson who declined to be name told Agence France Presse that the delay was “inevitable” due to recent deteriorations in cross-border relations and “the lack of progress at talks with North Korea to enhance communication, and travel to and from Kaesong”.

“As is known,” the spokesperson said, “negotiations on Internet connectivity, mobile phone use, utilization of radio frequency identification tag to ease travel and customs inspections have made no headway since the North called off working-level talks for the Sept. 26 meeting”. The spokesperson said the government had decided that because of this failure to agree on matters crucial to foreign investors, they saw no point in going ahead with the roadshow.

“South Korea’s decision to postpone an investor-related event in the Kaesong Industrial Park is another indication of President Park’s “Trustpolitik” failure,” Professor of Korean History at Australia National University Leonid Petrov told NK News, explaining that “trust in inter-Korean relations is not going to be restored without concrete and mutually beneficial projects, such as Kaesong and Kumgangsan”.

“Only by ending the Korean War and formally recognizing one another can South Korea and North Korea improve the investment climate,” Petrov argued. “Without such changes, business people (both Koreans and foreigners) will remain hostages of Seoul and Pyongyang’s political games”…

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