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Clothing producers puzzled over govt circular
Jun '10
According to reports emanating from South Korea, the government has purportedly advised its businessmen who are engaged in trade with their counterparts in the Kaesong Industrial Complex located in North Korea to not remit payments for good processed in the industrial complex.

The Ministry of Unification has issued this circular to all companies engaged in cross-border trade with firms in the North-Korea based industrial complex. According to informed sources the Ministry has made them sign an undertaking to suspend payments for goods that they have already received.

This notification has rattled the companies, who are processing goods in the North-Korea based complex, particularly the clothing firms. Around 40-50 representatives from firms producing clothing in Kaesong are planning to hold a meeting on Tuesday afternoon at the office of the Korea Federation of Textile Industries.

In the course of the meeting, they will discuss the recent situation and are expected to release a statement, pressing the government to call off the notification which has also banned trading of products produced on commission in South Korea and fully permit the import of finished goods, manufactured from raw materials already sent.

Fibre2fashion News Desk - India

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Courtesy: Commonwealth Bank of Australia

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