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Setting up of textile plant to bridge regional economies
11
Jun '08
A textile plant emerging from the cross border venture between two enterprises, each belonging to North and South Korea, is expected to commence operation by around August this year in Pyongyang.

The plant is a 50-50 joint venture between Andong Daema and a trading company under National Economic Cooperation Federation. The latter has also played an important role in initiating cooperative measures with South Korea.

Local sources have confirmed that already 34 containers carrying weaving equipment and other machinery for producing textiles have been sent by road to the capital city of North Korea.

On the completion of the construction for the plant, 25 executives and engineers will stay in North Korean capital with the aim to run operations and train workers.

Textile industrialists in particular are hopeful that this move will help enhance cross-border economic cooperation and in turn improve bilateral trade between the two regions.

The joint venture is estimated to have net assets of US $30 million of which $15 million will be invested by Andong in form of cash while the North Korean side will provide raw materials, land and infrastructural facilities for the plant.

The plan for establishment of five new facilities in the industrial zone of Pyongyang is still in the pipe line and some other existing manufacturing facilities are also expected to get started after restoration.

Besides, some 1,8000 North Korean workers would also be employed for manufacturing socks, towels, blankets, clothing fabrics and silk for shipment to South Korea.


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