KAESONG INDUSTRIAL COMPLEX (KIC)

June 18, 2020

North Korea blew up the joint liaison office with South Korea in Kaesong Industrial Complex (KIC). The demolition follows a recent deterioration in relations between North and South Korea.

About:

The Kaesong Industrial Complex (KIC) is located inside North Korea just across the demilitarised zone from South Korea.
The project was launched in 2004, largely financed by the South to increase co-operation.
South Korea has said the purpose of the KIC was to develop an industrial park where South Korean companies could manufacture their products using North Korean labour.
The KIC is a duty-free zone, and there are no restrictions on the use of foreign currency or credit cards. No visa is required to enter the complex.
It argued that would help North Korea start to reform its economy, which is in a dire state, and ease tensions between the two Koreas. It is one of the last remaining points of peaceful engagement between North and South Korea.

Source : Indian Express