□ The government decided to render support to the Gaeseong Industrial
Complex (GIC) tenant companies and companies involved in inter-Korean
economic cooperation projects.
o Relevant agencies including the
Ministry of Unification h**e discussed ways to support these companies
since the Moon Jae-in administration was launched and devised “support
measures for the GIC companies and companies involved in inter-Korean
economic cooperation projects.”
□ The support measures are part
of the efforts to fulfil the responsibilities of the state for those
companies suffering management problems due to the government’s sudden
policy change.
Additional Support for the GIC
companies
□ The government will duly render as much support as it
can to the GIC companies as needed according to the findings of a
survey of the actual damage to the companies conducted last year.
□ For damage to liquid assets including raw and subsidiary
materials, and finished goods, the government decided to compensate
the companies for 90% of losses confirmed in the survey, or up to KRW
7 billion (US$6.26 million).
□ For damage to invested assets
including land, factories, and machinery, the government decided to
render a total of KRW 14.4 billion (US$ 12.89 million) in additional
support after readjusting the standards to a realistic level. The
funds will primarily go to the areas where last year’s survey findings
h**e not been adequately addressed.
Support for companies involved in inter-Korean economic cooperation
projects
□ The government will render support to these companies
for their economic losses in line with reasonable standards to the
extent that **ailable budget funds allow.
□ The government
decided to apply the standards of the insurance system for the damage
to invested and liquid assets, just like the case of the GIC
companies.
□ For damage involving business operation and
management, the government will render varying amounts of funds
depending on companies’ operational situation at the time of
discontinuation of economic cooperation and their investment and trade
performances before the government’s measures including the May 24
Measures were taken.
Implementation Plans
□ The government will finalize the support
measures for the GIC companies and companies involved in inter-Korean
economic cooperation projects through the approval of the Inter-Korean
Exchanges and Cooperation Promotion Council during November and
implement the measures.
□ The government plans to quickly carry
out follow-up procedures and implement the support measures as soon as possible.