North Korea to attract foreign capital through foreign media

Institute for Far Eastern Studies (IFES)
2015-5-7

As North Korea struggles to attract foreign investment due to international sanctions, an argument is growing in North Korea that it needs to launch an investment charm offensive targeting foreign media.

Already skilled in socialist propaganda, North Korea appears intent on fully employing those skills in the attraction of investment, the essence of management in capitalism.

In the January 20th issue of the monthly Kim Il Sung University newspaper (vol. 1, 2015), an editorial was published entitled, “The Importance of Proactively Using Various Means to Attract Investment.” This editorial emphasized the importance of using the media in order to attract investment.

It argued that if the government invited esteemed members of the media when publicizing developments like a new investment environment or policy and the media reported on these events to their respective news agencies, it “could promote these developments widely at home and abroad through such special reports.”

Following this, the editorial advised that authorities select widely-circulated newspapers and magazines commonly read by investors and companies and submit to these publications news regarding things such as the progress of talks, the signing of contracts and agreements, the scale of businesses and related events.

It also suggested that authorities advertise in TV commercials during peak-viewing time. In the case of newspapers, it advised that they pay attention to their selling price, political inclination and religious nature when considering the daily, morning and evening papers.

While stating that maintaining relations with media outlets is important, the editorial also entreated that the government invite members of the press to investment-related events or inform them at the proper time regarding news of the Special Economic Zones (SEZs).

Furthermore, it argued that in order to effectively publicize investment opportunities, economic development zones themselves need to create homepages and make employees proficient in how to use the Internet and search for information that investors request in a timely manner.

At the same time, because “decadent and reactionary ideas and cultures can infiltrate, and information regarding investment targets can be carried away” through the Internet, the editorial did not forget to suggest that authorities only enable selected institutions and interested parties will be permitted to use the Internet.

In addition, in order to facilitate the exchange of information with investors, the editorial encouraged the government to introduce detailed procedures and methods for maintaining email accounts and to use programs like Excel for managing data and documents.

Share

Comments are closed.


An affiliate of 38 North