CHAPTER I GENERAL PROVISIONS
Article 1(Purpose) #
The purpose of this Act is to enhance inter-Korean exchanges and cooperation and further to contribute to the balanced development of the economy of the Korean nation by providing matters necessary for supporting the development and operation of the Gaeseong Industrial Complex and protecting and supporting South Korean residents (including corporations; hereinafter the same shall apply) who invests in, enter, exit, or stay in the Gaeseong Industrial Complex.
Article 2(Definitions) #
The terms used in this Act are defined as follows: <Amended on Jan. 30, 2009; Mar. 26, 2010>
1. The term "Gaeseong Industrial Complex" or "GIC" means the industrial zone developed and established in the area of Gaeseong located in North Korea by agreement between South and North Korea;
2. The term "GIC developer" means a South Korean resident designated as a developer pursuant to the Gaeseong Industrial Complex Act of North Korea, with approval for a cooperative project under the Inter-Korean Exchange and Cooperation Act;
3. The term "GIC management organ" means a corporation established under the Gaeseong Industrial Complex Act of North Korea for purposes of managing and operating the GIC;
4. The term "local enterprise of the GIC" means an enterprise (including its branch offices, business offices, and offices) established by a South Korean resident in the GIC with approval for a cooperative project or after acceptance of a report on such cooperative project under the Inter-Korean Exchange and Cooperation Act;
4-2. The term "enterprise invested in the GIC" means a small and medium enterprise prescribed by Presidential Decree from among parent companies of South Korea where a South Korean resident invests in the GIC with approval for a cooperative project or after acceptance of a report on such cooperative project under the Inter-Korean Exchange and Cooperation Act;
5. The term "entry and exit" or "stay" shall have the same meaning as in the Agreement on Entry into, Exit from and Stay in the GIC and the Geumgangsan Tourist Zone;
6. Other terms not defined otherwise in this Act shall have the meanings assigned to them in the Inter-Korean Exchange and Cooperation Act and the Development of Inter-Korean Relations Act.