Gaeseong industrial area, North Korea
Photo from :

Original article, dated 13th Feb. 2019 :

Daehwa fuel pump company ( is bankrupted on 7th of Feb. according to Korea Financial Telecommunications and Clearings Institute.

Since 1988 established, Daehwa was the 1st supplier of fuel pump business field globally as it has 30% market share. Before the bankruptcy, it had produced fuel pump for GM USA, Ford, Toyota Japan.

Daehwa established a factory and a research center in Gaeseong industrial area, North Korea. It was the only company who open a research center in Gaeseong.
But all factories in Gaeseong industry have been shut down since Feb. 2016. Actually 10 of 125 company who located in Gaeseong are in crisis to be bankrupted.

Due to the shutdown 3 years, finally Daehwa couldn’t be able to pay back money to bank, it’s blacklisted and current account transactions stopped.