North and South Korean negotiators reached a 5-point agreement to reopen the Kaesong joint industrial park at their 7^th round of talks on Wednesday. Under the agreement, both sides committed to “active efforts” to resume Kaesong’s operation after inspecting shuttered factories.

The Kaesong complex will be reopened as long as the inspection of shuttered factories is completed. (Photo: Reuters)

The two agreed not to allow a similar suspension of operations to happen due to the withdrawal of workers. The two Koreas will promote foreign investment in Kaesong – a key South Korean demand. A joint committee will be set up to discuss compensation for economic losses during the suspension.