(MENAFN) South Korea has pulled out from the Seoul-funded Kaesong industrial complex in protest at North Korea's latest nuclear and long-range missile tests.
As a result, South Korean companies which once operated factories in the joint economic zone in N. Korea, reported losing a staggering USD663 million.
The abrupt closure impacted over 120 S. Korean firms whose production machinery and entire assets, valued at USD663mn are still trapped in the zone.
Kaesong, born out of the sunshine reconciliation policy in the late 1990s, was the last symbol of cross-border economic cooperation between the two countries.
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