The World - News from Feb. 22, 1989

Seoul will back a South Korean tycoon’s agreement to build a resort in Communist North Korea--the first inter-Korean joint venture--Prime Minister Kang Young Hoon said. However, Kang hinted that the government may impose a ban for security reasons on proposed joint ventures to build a shipyard and a rail-car factory. Chung Ju Yong, founder of South Korea’s giant Hyundai Group, said earlier this month he had signed several joint venture agreements with a North Korean banker--the first since the peninsula was divided after World War II.