According to Yonhap:
A China-North Korea joint venture maker of food additives, have been operating smoothly in a display of close ties between the two countries, China’s state-run Xinhua News Agency said Monday.
China’s Liaoning Wellhope Agri-tech Co. and North Korea’s Unpasan General Trading Company set up a joint venture, (North) Korea Unpung Joint Operating Company, in 2006, in Pyongyang, the North Korean capital city.
Liaoning Wellhope Agri-tech holds a 55 percent stake in the joint venture, while the North Korean trading firm has a 45 percent stake.
In a dispatch from Pyongyang, Xinhua said the total assets of Unpung have now reached 21 million yuan (US$3.24 million). During the six-year operation, the firm made a total pre-tax profit of 15.21 million yuan, and its cumulative sales of food additives reached 18,720 tons.
“At present, Unpung aims to become a first-class brand in the (North) Korean food additive industry,” the new agency said in a Chinese-language report.
“Recently, demand for food additives are rapidly rising in North Korea, and many companies need their employees to work overtime to meet the demand.”
Quoting the Chinese head of the joint venture, Xie Jingming, the report said the firm’s more than 5 years of business development and expansion can not be separated from the deepening economic cooperation between China and North Korea.
China-N. Korea joint venture maker of food additives operates smoothly: Xinhua