Seoul: Investors in the Mount Kumgang resort in North Korea and other suspended inter-Korean economic projects have called on the government to enact a special law for full compensation of their stranded investments. Members of an association of businessmen and investors involved in inter-Korean economic projects made this demand at a press conference, citing financial difficulties and bankruptcy due to the suspension of joint projects.
According to Yonhap News Agency, the tour program to Mount Kumgang was halted abruptly in July 2008 after a South Korean tourist was shot by North Korean soldiers for allegedly entering a restricted military area. In 2010, South Korea suspended all other joint economic projects with North Korea following the torpedoing of the South Korean Navy frigate Cheonan by the North. Although the Kaesong Industrial Complex was initially exempted, it was also suspended in 2016 due to North Korea's nuclear and missile activities.
Compensation for affected South Korean businessmen ranged from 45 to 90 percent of their investments in 2018. However, during the press conference, investors and businessmen labeled these compensation rates as "unfair" and founded on illegitimate grounds. They have requested a meeting with Unification Minister Chung Dong-young to discuss their concerns.
A unification ministry official stated that the ministry is "listening to the businessmen's concerns and working to resolve their difficulties."