Hyundai sets up for inter-Korean taskforce
Buses carrying tourists to Mount Geumgang are shown in this 2003 file photo. / Courtesy of Hyundai Group
By Baek Byung-yeul
Amid rapid improvements on inter-Korean relations, Hyundai Group said Tuesday it has formed a taskforce to prepare for the possible resumption of business operation in North Korea.
The group said its Chairwoman Hyun Jung-eun will lead the taskforce team. The team will revise issues related to business operation in North Korea including the possible resumption of tourism to Mount Geumgang and operation of Gaeseong Industrial Complex.
Hyundai Asan, a Hyundai Group company, has the rights to develop the business complex in Gaeseong and tourism to Mount Geumgang and Gaeseong City.
“We will be thoroughly prepared so that we can resume inter-Korean projects within the shortest time possible,” the group said in a statement.
Hyun cited the need for the group to gear up efforts to take the lead in the future project with North Korea in constructing infrastructure as well as tourism and the industrial complex.
The move comes after South Korean President Moon Jae-in and North Korean leader Kim Jong-un met at Panmunjeom on April 27. At the third summit between leaders of the two Koreas, Kim agreed to a number of measures aimed at improving inter-Korean relations and indicated he is willing to discuss the denuclearization of the Korean Peninsula. The summit brought a dramatic positive turn as the meeting has raised expectations that the two Koreas may resume their halted economic cooperation.
Hyundai Group had been a trailblazer in North Korean tourism.
Starting after Hyundai's founder Chung Ju-yung, who was born in the North, visited North Korea driving a herd of cattle in 1998, Hyundai had operated a tour program to Mount Geumgang on Nov. 18.
The scenic mountain had attracted 1.95 million South Koreans until 2009. The program was halted in 2008 after a North Korean soldier shot dead a South Korean tourist for wandering off-limits.
The company also operated a Gaeseong tour program from Dec. 5, 2007 to Nov. 29, 2008. The North Korean border city is known as the ancient capital of the 918-1392 Goryeo Kingdom.
The Gaeseong Industrial Complex also remained shuttered as it was closed down because of Pyongyang's nuclear and missile tests in February 2016.