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N. Korea declares inter-Korean contracts on Kaesong venture invalid
SEOUL, May 15 (Yonhap) -- North Korea said Friday it has nullified all contracts with South Korea on the operations of a joint industrial venture in Kaesong and told South Korean firms to leave the park if they cannot accept it.
"We declare the nullification of all incumbent regulations and contracts regarding the Kaesong industrial complex," the North's government agency in charge of the border-town industrial park said in a statement carried by its official Korean Central News Agency.
While threatening to terminate the existing contract terms, the agency vowed to install a set of revised regulations and contracts.
"The South Korean firms and pertinent personnel of the Kaesong industrial complex should unconditionally accept the revisions, and if they don't have intentions to accept them, they can leave," the statement said.
hkim@yna.co.kr
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