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S. Korean firm says Indian partner has canceled deal over Kaesong complex suspension

S. Korean firm says Indian partner has canceled deal over Kaesong complex suspension

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Published : 2013-04-20 15:35
Updated : 2013-04-20 15:35

A South Korean auto parts supplier said Saturday that its Indian business partner has canceled a deal due to the ongoing suspension of the inter-Korean joint industrial complex in North Korea, a South Korean company official said Saturday.

   The move came as Daewha Fuel Pump Industrial Ltd. failed to deliver parts to the Indian company due to the suspension of operations at the factory. The Indian company told the South Korean company that it will switch to a U.S. company instead.

   The company also said its Indian partner asked it to either return modeling equipment from its factory in the complex in the North's border city of Kaesong, or pay back money equivalent to its investment, according to Choi Dong-hun, a company official.

   North Korea recently banned South Koreans from visiting the complex and pulled out all of its 53,000 workers from the Kaesong Industrial Complex, bringing operations of a total of 123 South Korean factories to a halt.

   Choi said his company will hold a meeting on Monday on how to handle the issue.

   He said his company's annual business deal with the Indian company accounts for less than 1 percent of its last year's sales of 28 billion won ($25 million).

   He declined to identify the Indian company. (Yonhap)

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