Output at Gaeseong complex tops US$300 million.
The total production from the Gaeseong Industrial Complex, a symbol of inter-Korean business cooperation, exceeded the US$300 million mark as of the end of February 2008. The jointly operated complex produced US$17.70 million worth of products in February, recording the accumulated output since 2005, the first year of production, at US$309.7 million. According to the Gaeseong Industrial District Committee and an inter-Korean joint office for managing the complex, output in the Gaeseong complex has increased at the pace of 16 percent on average from January 2005 to February 2008.
The Gaeseong Industrial Complex is located in Gaeseong, a North Korean city near the border line. South Korean companies invested in the complex to take advantage of North Korea's cheap labor. Currently, 69 Korean companies are operating production lines in the complex and factories of 38 other companies are under construction. On March 5, German auto parts maker Prettl broke the ground for production facilities, becoming the first foreign company investing in the complex.