“What Kim Jong Il wants is to construct Mt. Geumgang Valley, which is similar to that of the Silicon Valley. The South-North Korean Economic Cooperation Agreement signed in August of 2000 also contains this plan,” Kim said during his speech at the 1st Teheran Valley Forum hosted by the Korea Industrial Technology Foundation. Kim added that South and North Korea must make haste with technological exchange.

North Korean leader Kim Jong-il holds a discussion with Chinese officials including Chinese ambassador to North Korea Wang Guazang, on a train in Northeast China's Liaoning Province on January 15, 2001./Yonhap

Kim said Hyundai is promoting the construction of high-tech training schools and technology development centers in Gyeseong. He said, “North Korea has placed business promotion in our hands, and because the people in Gyeseong are looking forward to this project, the construction of the industrial complex will be a success.”

Kim said that although some argue Chung Ju-yung, the Hyundai Group’s former honorary chairman, failed to make use of the investment worth W1.5 trillion, the money spent will pay off 10 times over in the future. He said that investment money put into Hyundai’s business plans for North Korea should not come from the mother company henceforth; the company would seek overseas capital when regulations were eased and gather foreign investors based on market principles.

Commenting on the Gyeseong industrial complex, Kim said the South and North Korean governments have agreed to build a model complex of 10,000 pyung by early this year. Kim added that five to six small and mid-size companies are to move into the complex and start manufacturing products from this year.

(Song Eui-dal, edsong@chosun.com )