Inter-Korean joint venture textile company in Pyongyang

November 03, 2008 - South Korea

New textile company, a 50-50 joint venture between North and South Korea, was inaugurated recently in the city of Pyongyang, North Korea.

Reportedly, this US $30 million textile company will employ one-thousand North Korean workers.

The opening ceremony was attended by 257-member delegation including Representative Kim Kwang-lim of the ruling Grand National Party from the South Korea.

This is the first time a jointly run inter-Korean factory has been opened in the North Korean capital.

Experts believe that such ventures will improve not only trade but also social relations between the two sides.