A Study on the Intention to Utilize Overseas Developers Through Offshoring Approach and Strategy for Economic Cooperation Between South and North Korea Using the Value-Acceptance Model (VAM)—Based on the Case Study of the Kaesong Industrial Complex

If economic cooperation between North and South Korea (inter-Korean cooperation) progresses, South Korean company will have access to broader business areas and regional economic space, providing greater economic opportunities. However, long-term vision and meticulous planning based on considering the international community’s sanctions on North Korea, protecting investment assets, resolving disputes, and addressing the three barriers of passage, communication, and customs clearance are all crucial for successful investment in North Korea. To achieve this, it is essential for the government and private enterprises to cooperate organically and make multifaceted efforts to transition the inter-Korean relationship from tension to cooperation and induce changes in the market environment by improving the investment environment in North Korea. Next, a step-by-step approach that selects suitable industries in North Korea and gradually expands them will be necessary to solidify the substance of inter-Korean cooperation. Additionally, addressing the issue of overlapping investments and constructing a long-term division of labor structure between North and South Korea are also important tasks. Lastly, proactive institutional improvements that enable North Korea to support business operations and attract investment are crucial. Such proactive measures will promote the opening of the North Korean economy, enhance international connectivity, and facilitate attracting foreign capital and investment. Through these efforts, North and South Korea will open a path to further strengthen cooperation and exchange through economic cooperation.