South Korean firms hold out hope for inter-Korean projects
South Korea's Hyundai Group on Friday expressed disappointment over U.S. President Donald Trump's decision to cancel his planned summit with North Korean leader Kim Jong-un, but it vowed not to give up hope for the resumption of inter-Korean economic projects.
"It's a shame that the summit was called off, but we will make preparations in a cool and consistent manner," said the conglomerate, which has operated inter-Korean economic projects before.
On Thursday, Trump canceled next month's summit with Kim in Singapore, citing Pyongyang's "tremendous anger and open hostility" displayed in its most recent statement.
The planned summit had fueled guarded optimism among South Korean firms that improved ties between the United States and North Korea could eventually lead to the lifting of international sanctions imposed on Pyongyang, which in turn could jump-start their businesses in North Korea.
Hyundai Group has recently created a task force to prepare for the possible resumption of a joint factory park in North Korea's border city of Kaesong and a joint tour program at Mount Kumgang, a scenic mountain resort on the North's east coast.
Hyundai -- which has invested $1.25 billion in North Korea -- estimated that it has suffered some 1.5 trillion won ($1.3 billion) in lost revenue following the suspension of the tour program.
South Korea has suspended tours since July 2008 after a South Korean female tourist was shot dead by a North Korean guard near the resort.
Meanwhile, Shin Han-yong -- head of a private task force that speaks for more than 120 South Korean firms that had operated factories Kaesong -- said he feels like the sky is falling down after hearing the news of the summit's cancellation.
Still, he believes that the resumption of inter-Korean economic projects is possible since there is still a chance for talks between the U.S. and North Korea.
On Friday, North Korea expressed its willingness to sit down face-to-face with the U.S. and resolve issues anytime and in any format.
Earlier this month, Shin and other investors renewed their call to visit Kaesong to inspect facilities.
Any trip by South Koreans to North Korea requires the South Korean government's approval, as well as the North's consent.
South Korea pulled the plug on its operations in Kaesong in February 2016 to punish the North for its fourth nuclear test and long-range rocket launch. (Yonhap)