UPDATE 1 (2013-10-1): Briefing session for investors held at the Pyongyang International Product Exhibition
Institute for Far Eastern Studies (IFES)
North Korea recently held a briefing session for foreign investors at the 9th Pyongyang Autumn International Products Expo.
According to Choson Sinbo, pro-North Korean Newspaper in Japan, the expo was held from September 23 to 26, 2013 and many foreign businessmen took part in this event at the Koryo Hotel in Pyongyang.
The briefing sessions for investors was organized by the Korea Foreign Economic Cooperation Committee. An official from the joint venture investment committee, which is responsible for attracting foreign investment, announced that North Korea has great interest in expanding economic cooperation with other nations and working to promote a favorable investment environment.
North Korean government is reported to be welcoming foreign investments and is taking actions to establish protection of foreign investors’ legal rights and interests, and stressed that various tax incentives and benefits for foreign businesses will be granted.
Choson Sinbo reported foreign businesses listened with great interest and expressed hope in investing in North Korea.
The Expo consisted of participants from twelve countries and 226 trading companies with over 800 participants. Out of the total companies, 118 were foreign companies, mostlyfrom China. The number of Chinese companies participating at the Fall Expo increased greatly compared to the Spring Expo where participation of Chinese businesses drastically decreased against the previous year. This increase is attributed to the improved relations between the two allies.
North Korea hosts the Pyongyang International Product Exhibition twice a year — spring and autumn — for the purpose of attracting foreign investments. At this recent event, North Korean machinery, electronics, light industrial goods and food products were on display. There were over 2,400 different items and a total of 57,000 products.
The president of the Korea International Exhibition, Kim Ung Sik, delivered a speech at the opening ceremony saying, “North Korea is working to improve investments, trade, and tourism with many countries in wide-ranging areas and we are hopeful that this exhibition will contribute to the expansion of economic and trade relations with foreign countries and contribute to regional economic development.”
ORIGINAL POST : According to KCNA (2013-9-23):
The 9th Pyongyang Autumn International Trade Fair was opened with due ceremony at the Three-Revolution Exhibition House on Monday.
Present there were Kang Sok Ju, vice-premier of the Cabinet, officials in the trade field, delegations of foreign countries and regions, diplomatic envoys of different countries here and their embassy officials.
Pak Ung Sik, director of the Korean International Exhibition Corporation, made an opening address. Then followed a congratulatory speech by So Kil Bok, vice-minister of Foreign Trade.
The speakers said that the trade fair will offer a good occasion in promoting friendship and unity and boosting broad and multi-faceted economic trade, introducing goods and conducting scientific and technological exchange among countries.
They expressed their will to steadily expand and develop bilateral and multilateral cooperation in the fields of the economy and trade with foreign countries and regions on the principle of equality and mutual benefit.
Then the participants went round products displayed by companies of different countries and regions including the DPRK, Germany, Russia, Malaysia, Mongolia, Singapore, Italy, China, Cuba, Turkey and Taipei of China.
The trade fair will last till Thursday.
On 2013-09-24, KCNA reported the following:
Taking part in it are more than 220 trading companies from 10-odd countries and regions, mostly from Beijing, Dandong, Dalian, Shenyang and other areas of China.
Popov Sergey, commercial director of Russia’s Maritime Territory Confectionary Company, told KCNA that he hoped for strengthened economic cooperation between the DPRK and Russia, expecting products of his company to be favored by Korean people.
Juana Navarrete Mendoza, a section chief of Cuba’s LABIOFAM Enterprise Group, said it was honor for them to attend the excellent fair with main products of the Group.
On display at the fair are more than 57,000 products of 2,400-odd kinds, including machinery, electric and electronic appliances, light industrial goods, foodstuffs, medical instruments, medicines, building materials, chemicals and vehicles.
On 2013-9-26 KCNA reported the following:
The 9th Pyongyang Autumn International Trade Fair is going on with attendance of many foreign companies.
Among them is the Beijing Bridge International Trading Company Ltd. of Germany, which has been strange to Korea. The company, founded in Juche 97 (2008), engages itself in sale of Germany-made foodstuffs and electronic appliances in China.
On 2013-9-26 KCNA also reported the following:
Li Nan, general manager of the Shenyang International Exhibition Corporation of the Shenyang Sub Council of China Council for the Promotion of International Trade, said:
President Kim Il Sung was the great leader of the Korean people and a close friend of the Chinese people.
He made a great contribution to the victory of the Chinese revolution.
The Chinese people will always remember his exploits.
Li Yongjian, manager of overseas business of the Beijing Purkinje General Instrument Co., Ltd., said that the President dedicated all his life to the prosperity of the country and the happiness of its people, adding that he was a great revolutionary and a peerless patriot.