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Two Koreas agree to reopen Kaesong Industrial Complex

2013/08/14 21:40

KAESONG, North Korea, Aug. 14 (Yonhap) -- Following is the full text of a five-point agreement on the reopening of the suspended inter-Korean complex in North Korea which the two Koreas adopted Wednesday at their seventh round of talks in the North Korean border town of Kaesong.

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South and North Korea proceeded with their seven rounds of talks to address issues involving the Kaesong Industrial Complex between July 6 and Aug. 14, and reached an agreement for the constructive normalization on the complex as follows:

1. The two Koreas will not make Kaesong suffer again from the stoppage of the complex by such things as restrictions on passage and the withdrawal of the workforce. They will guarantee the normal operation of the complex, including the stable passage of South Korean personnel, North Korean workers' normal reporting to work and the protection of corporate assets, with the complex not to be affected by inter-Korean situations under any circumstances.

The two Koreas will set up the "Inter-Korean Joint Committee on the Kaesong Complex" to discuss compensation for damages inflicted on companies during the suspension of the complex and other related issues.

2. The two Koreas will guarantee the safety of South Korean personnel coming to and going from the complex, protect businesses' investment properties, and solve issues involving passage, communications and clearance.

1) The two will guarantee the safe passage of South Korean personnel to and from the complex, as well as their stay in the complex.

2) The two shall protect corporate properties in the complex, and work out institutional systems, including joint probes and compensation for damages, to settle disputes if illegal acts take place.

3) In order to tackle issues involving passage, communications and clearance, the two will take steps to guarantee the regular passage to and from the complex and Internet and mobile communications. They will simplify clearance procedures. The two will discuss related working issues at the Inter-Korean Joint Committee.

3. The two Koreas will guarantee conditions for international-level corporate activities for companies operating in the Kaesong Industrial Complex, and develop the complex into one with international competitiveness.

1) The two will actively promote the introduction of investment from foreign businesses.

2) The two will develop systems in relations to labor affairs, tax, wage and insurance, which are applied in the complex, into international-level ones.

3) The two will seek ways to make the complex internationally competitive, including the recognition of preferential tariffs for products from the complex in case of their export to a third country.

4) The two shall push for joint investment relations sessions abroad.

4. In order to implement the above-mentioned agreements, the two Koreas will form and operate the Inter-Korean Joint Committee on the Kaesong Industrial Complex and station subcommittees necessary under the committee.

To that end, the two will sign an "Agreement on the formation and operation of the Inter-Korean Joint Committee on the Kaesong Industrial Complex" at an early date, and start operation of the bodies.

5. The two Koreas will work out institutional systems to guarantee the safe passage and sojourn of workers and protect invested assets, and make active efforts to enforce companies to check and restart their facilities.

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