Moon's expansion plan for Gaesong complex requires over $8 bil: analysis

North and South Koreas' joint industrial complex in the North's border city of Gaesong / Yonhap

President Moon Jae-in's campaign pledge to develop more land for the now-shuttered industrial park in the North Korean border town of Gaesong will require around 9 trillion won ($7.98 billion), an analysis showed Saturday.

The analysis, which is based on data provided to Rep. Shim Jae-chul of the main opposition Liberty Korea Party by the unification ministry and operator of the complex Hyundai Asan Corp., puts the estimated cost for the development plan at 9.13 trillion won.

On the campaign trail, Moon promised to develop 30 million square meters of more land for the Gaesong industrial complex. The land developed for the complex had been around 92,500 square meters.

Shim claimed that about 1.79 trillion won has been invested in developing the complex, which is some 700 billion won more than what the unification ministry previously estimated.

N. Korea running hydroelectric power plant near Gaeseong 2017-10-13 17:00  |  North Korea
The factory zone, launched in 2004, had accommodated 124 South Korean firms which employed more than 54,000 North Korean workers to produce labor-intensive goods such as clothes and utensils.

Seoul shut down the joint production zone in February 2016 in response to Pyongyang's nuclear and missile tests. (Yonhap)