S.Korea To Support Companies Suffering Losses From Businesses With Democratic People's Republic Of Korea (DPRK)

South Korea planned to revise a law to support domestic companies suffering losses from businesses with the Democratic People's Republic of Korea (DPRK), local media reports said Tuesday citing Seoul's unification ministry.

SEOUL, (UrduPoint / Pakistan Point News - 17th Jul, 2018 ) :South Korea planned to revise a law to support domestic companies suffering losses from businesses with the Democratic People's Republic of Korea (DPRK), local media reports said Tuesday citing Seoul's unification ministry.

Under the revised law, the country's unification minister would be allowed to restrict or ban inter-Korean cooperation and exchange, but it would be required to get approval from the Cabinet meeting.

The restriction and ban will be limited to certain cases, including the DPRK's unfair restriction, its military provocation that can threaten the safety of South Korean people doing business with the DPRK, and the violation of inter-Korean agreement.

If inter-Korean cooperation project is restricted or banned, South Korea's government can take necessary measures to support local companies suffering losses from the restriction and ban.

Calls lasted for protecting South Korean companies doing business with the DPRK since the previous South Korean government unilaterally closed down the Kaesong Industrial Complex in February 2016 over the DPRK's nuclear test in the previous month.

The shutdown caused losses to South Korean companies operating factories at the inter-Korean factory park in the DPRK's border town of Kaesong.