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North Korea continues to open its markets.

 
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bignate



Joined: 30 Apr 2003
Location: Hell's Ditch

PostPosted: Sat May 28, 2005 10:26 am    Post subject: North Korea continues to open its markets. Reply with quote

It seems that the North is continuing its transition towards a more open economic system. This should only help with the relations between the North and the South and should bode well for both their economies as it progresses.

NK Opens Kaesong to Foreign Buyers

Quote:
Foreign buyers will be allowed to inspect an inter-Korean industrial complex in the North Korean town of Kaesong, the Unification Ministry announced Friday, predicting a boost in exports for the fledgling project.

North Korea agreed on Tuesday to let international investors tour Kaesong facilities after a request by Seoul, Vice Unification Minister Rhee Bong-jo told reporters.

"The North¡¯s decision to permit visits to Kaesong will be helpful in securing foreign markets and attracting international investment,¡¯¡¯ he said.


But the benefits do seem a bit lopsided at the moment.....
Quote:
South Korean garment manufacturers and other labor-intensive businesses have been keen to make use of cheap North Korean workers while the reclusive North hopes to secure foreign currency.

According to the Hyundai Research Institute in Seoul, Kaesong will provide more than $9.6 billion in economic benefits to Pyongyang and $74.9 billion to Seoul by 2012 when the third-and-final phase is scheduled for completion
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Alias



Joined: 24 Jan 2003

PostPosted: Sat May 28, 2005 2:40 pm    Post subject: Reply with quote

What will be first in Pyongang? Starbucks or the 'Golden Arches'?
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