South Korea and the Democratic People's Republic of Korea (DPRK) reached a five-point agreement on Kaesong industrial complex in the seventh round of working- level talks on Wednesday, according to Yonhap News Agency.

Seoul and Pyongyang agreed to prevent recurrence of unilateral shutdown of Kaesong industrial complex in the future and set up an inter-Korean joint committee to discuss compensation for the affected South Korean companies with factories in the joint industrial park, according to the joint statement posted on the website of South Korean Ministry of Unification.

Both sides also agreed to guarantee security of personnel and vehicles of these companies to and from Kaesong and the investment property in Kaesong.

"We will try our best to develope Kaesong industrial complex into an international and competitive area," the statement said.

The joint committee will be set up in order to fulfill the agreement.

Both sides will make active efforts to resume normalization of the joint Kaesong industrial complex, the statement added.

However, the agreement didn't tell a specific timetable of reopening Kaesong industrial complex.

Operations of 123 South Korean companies in Kaesong industrial complex have been suspended for four months after Pyongyang pulled out 53,000 workers from the industrial zone in April.

The agreement will help lower tensions in the inter-Korean relations caused by upcoming South Korea-US joint military drill starting on Aug. 19.

South Korea and the DPRK on Wednesday kicked off the seventh round of working-level talks at the Kaesong industrial complex.

Three-member delegations from both sides began the dialogue at 10 a.m. local time as scheduled in the DPRK's border town of Kaesong.

Seoul and Pyongyang have held six rounds of talks on reopening the Kaesong industrial complex since June but failed to narrow differences on conditions for the normalization of the complex, with Seoul urging Pyongyang to avoid recurrence of the factory park's suspension.

South Korea and the DPRK last week agreed to hold the seventh round of working-level talks and both voiced hopes for fruitful results at the upcoming talks.

Launched in late 2004, the inter-Korean industrial zone, which was jointly managed by South Korea and the DPRK, was seen as one of the key symbols of economic cooperation between the two countries.