Samsung to Build Electronics Park in North Korea
Aug 11, 2003
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Samsung Group, a leading chip maker, plans to set up an electronics complex in North Korea, Kim Yoon-kyu, president of Hyundai Asan, said today.
"We (Hyundai) have proposed that (Samsung) build an electronics park in Kaesong," Mr. Kim said on an MBC radio program.
"We will try to accommodate some 1,200 South Korean small firms in the Kaesong complex," he added.
Businesses will enter the complex only if it has favorable conditions, including a cheap labor force, Mr. Kim said.
"Hyundai will surely make the complex project a success by providing various incentives to entrants," he added.
A groundbreaking ceremony for the industrial park was held at the end of June.
Full-fledged construction work is expected to begin early next year on an initial 3.3 million of the total 26.4-million-sq-m complex, with U.S. $184.4 million expected to be spent for completion by 2007.
Makers of small apparel, textiles, and electronics are likely to have major roles in the industrial park. (Yonhap, Asia Pulse)
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