By Choi Sung-jin
The annual industrial output of companies in the Gaeseong Industrial Complex rose more than 20 percent from 2014 to exceed $500 million in the first 11 months of last year, officials said Monday.
According to the Unification Ministry, combined industrial production by 124 companies operating in the inter-Korean factory park totaled $515.49 million in the 11-month period. With a monthly average output of $50 million, the annual total was estimated to be around $560 million.
“Despite the artillery exchanges of August, the output from the Gaeseong complex recorded steady growth of more than 20 percent last year,” an official said.
Nor did the conflict between the two Koreas over minimum wages affect the operation much, he said, adding that the number of North Korean workers increased by nearly 1,000 with their work hours extended. A total of 54,763 North Koreans were working in the joint industrial park, along with 803 South Koreans, mostly managers, as of Nov. 30.
Production has grown steadily, from $323.32 million in 2010 to $401.85 million in 2011 and $469.50 million in 2012. After falling to $223.78 million in 2013 because of 134 days of suspended operations caused by the withdrawal of North Korean workers, output rose back to $469.97 million in 2014.
The South Korean government seems set to maintain the joint industrial park, regarded as the last bastion of the inter-Korean relationship. “Gaeseong complex is not included in economic sanctions against the North,” a ministry official said.