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| World Home » Business » | Thu. Nov 20, 2008 |
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International companies examine potential in North Korea MIL/Agencies, Mar 19, 2007. March 19, 2007 – Some prominent global companies are considering to erect a building and filling it with equipment inside the world’s most isolated state. The North Korea has welcomed it. But, as the North Korean nuclear crisis begins to thaw, the South Korean government is asking foreign businesses to do just that, encouraging them to take advantage of Kim Jong-il’s “workers’ paradise” to set up new factories. Questions of human rights and nuclear wrongs have no place in Kaesong, the South Korean-run industrial park over the border in North Korea, which Seoul hails as a symbol of interKorean co-operation. With 22 South Korean companies operating in the complex, Seoul has set about trying to lure foreign companies to Kaesong, where progress has been slow because of the nuclear cloud – metaphorical of course – hanging over it. “It’s fairly predictable as an industrial complex but also fairly unusual as a concept,” said Erik Versavel, head of ING Bank’s operations in Seoul, after visiting Kaesong last week on a state-organised investment tour. “The underlying economic principles of combining cheap labour and cheap land with South Korean business skills seem quite strong. Whether this can also fly for truly foreign investors remains to be seen,” he said. Some brave businessmen are already making plans, eager to secure first-comers’ advantage in the world’s most isolated country. The Chosun Fund, run by a group of Britons hoping to raise $100m (£51.4m, €75m) for infrastructure investment in North Korea, aims to start fundraising soon, after having to delay its plans because of last October’s nuclear test. Meanwhile, Messe Munich, the German expo organiser, is rescheduling the Pyongyang International Technology and Infrastructure Exhibition, which was due to open last October. Past exhibitors have included the likes of Siemens of Germany and Italian truckmaker Iveco. Full Story:
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