An inter-Korean joint venture in textiles was launched Saturday in Pyongyang. The opening ceremony for Pyongyang Hemp Textile had 200 officials from the two Koreas attending to mark the new 50-50 joint venture with a paid-in capital of ten million dollars.
Andong Hemp Textile of South Korea and Saebyol General Corporation of North Korea are the two partners of the first inter-Korean company located in the North’s capital. Andong will handle operations and Saebyol will provide raw materials and labor.
Using hemp grown by cooperative farms in the North, the company will produce hemp fabric, socks, wallpaper and underwear. Andong acquired early last year licenses for the business from Seoul and Pyongyang and has since sent 36 sets of weaving tools to the North.
Source: KBS World Radio Oct. 01, 2005.