Kaesong Shutdowns 'Causes Losses of Over W800 Billion'

South Korean businesses that operated at the joint-Korean Kaesong Industrial Complex on Wednesday said Wednesday they estimate their losses at over W815 billion after the industrial park was shut down (US$1=W1,235).

If it never reopens, losses from facility investments alone will total W568.8 billion, while another W246.4 billion are expected from raw materials and finished goods the companies left behind when they fled.

North Korea kicked out all South Korean staff on Feb. 11., the day after the South announced it was shutting the industrial park, and confiscated any assets they could not spirit out with them.

Kim Seo-jin, a representative for the companies at the complex, told reporters, "This is a tentative tally of losses reported by 120 businesses that were based in the complex, but the actual amount is much bigger, since the figures do not include compensation that needs to be paid to contractors plus various operating losses stemming from the shutdown."

The companies urged the government to compensate them for the losses based on their estimates.