SEOUL, Oct. 23 (Korea Bizwire) — Six out of 10 South Korean venture companies with overseas operations are willing to invest in North Korea if inter-Korean economic cooperation is revitalized, according to a poll released Tuesday.
In the survey of 267 venture companies by the Small and Medium Business Corporation, over 60 percent reacted positively to the possibility of them making inroads into the North.
Asked about their willingness to invest in North Korea when cross-border economic cooperation is reactivated, 37.8 percent said they will consider advancing into North Korea if the right conditions are met, with another 22.8 percent saying they intend to invest in the North.
Altogether, 60.6 percent of the respondents gave a positive answer, according to Rep. Park Jeung of the ruling Democratic Party, who disclosed the results of the survey.
The poll was conducted from Sept. 24 to Oct. 10 on 267 small and medium-sized venture companies with overseas operations or investments. It has a margin of error of 6 percentage points and a 95 percent confidence level.
Asked about the reasons for their willingness to enter North Korea, 30.8 percent cited a reduction in labor costs, while 26.6 percent said they are eyeing the North’s domestic market.
About 32 percent said they are interested in Pyongyang, the North’s capital, as their investment destination, with 30 percent showing interest in the Kaesong Industrial Complex.
“If our small and medium-sized venture companies make a U-turn after inter-Korean economic cooperation is revitalized, there will also be enormous economic benefits for our country, including an increase in job opportunities,” said Park.