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HKGCC Delegation Returns from North Korea

The Hong Kong General Chamber of Commerce (HKGCC) just completed the very first Hong Kong trade mission to the Democratic People's Republic of Korea. The 16-member delegation, led by Chamber Director Dr Eden Woon, spent three days in Pyongyang as the guests of the Korea Council for the Promotion of International Trade (KOMT). During that time, the delegation met with Minister of Finance Mun Il Bong, Vice Chairman of KOMT Kim Jong Gi, and officials from the Ministry of Foreign Trade, the Foreign Trade Bank, the Foreign Insurance Company and several other state corporations.

The delegation was briefed on the economic situation in North Korea and the opportunities for investment and trade needs with Hong Kong. The officials admitted that with the collapse of the Soviet bloc, its barter-type trade avenues no longer existed. It has had a difficult time being compatible with the world free market economy, especially since it has a severe foreign exchange shortage. Drought and agricultural disasters added to its woes. However, the delegation was told that the situation is turning around and North Korea wants to be more open to trade and to foreign investments.

Dr Woon said: "The delegation felt that the low-cost labor, the natural resources, the need for infrastructural development, and the early development of the market at this time make North Korea worth looking at by some Hong Kong companies. The country is in a very difficult situation but the officials are frank about the problems and seem to be willing to open up trade contacts." Several members of the delegation are discussing potential contracts with North Korea after contacts made on this trip, and one will set up a representative office in Pyongyang. Individual follow-on visits are being planned by several of the members.

For further information, contact Dr. Eden Woon, Director, at 2823-1211.