Hyundai will not give up on business projects in North Korea, company chairwoman Hyun Jung-eun said Saturday, despite a new ice age in inter-Korean relations.

In an opening address at the company's athletic meeting, Hyun said, "July 11 marks a year since a South Korean tourist was shot to death in North Korea's Mt. Kumgang resort. Tours to Mt. Kumgang and Kaesong served as a bridge connecting the two Koreas, but now that they have been suspended, people are gradually forgetting them, and not only Hyundai Asan but its parent company Hyundai are struggling with financial woes. Nevertheless, we should not give up our North Korean projects."

Hyundai Asan, which runs the package tours to North Korea, chalked up losses of W150 billion (US$1=W1,267) between suspension of the tours last July and the end of June this year.