Operating a business in North Korea isn’t for everyone, coming with potential for reputational risk, international banking difficulties, and – as recent anti-Ebola measures show – occasional problems in even accessing the country.
But in face of slowly tightening sanctions and bilateral measures precluding the majority of trade from countries like the United States, the presence of foreign businesses and joint ventures is nevertheless slowly developing.
Factories producing items for foreign export benefit from competitive manufacturing processes, while a nascent service industry is able to serve an increasingly wealthy North Korean population.
Yet while North Korean authorities are attempting to ease the barriers to entry, obtaining the information required to make educated decisions is still extremely difficult, with embassies and official investment bodies often unwilling to liaise with unknown actors.
NK Consulting can help clients seeking to operate in North Korea in multiple ways: