• Germany edition
 
North Korea seeks German economic advice
Photo: DPA

North Korea seeks German economic advice

Published: 05 Jan 2013 10:55 GMT+01:00
Updated: 05 Jan 2013 10:55 GMT+01:00

The secretive Communist dictatorship of North Korea is planning to open up its economy for foreign investment this year - with the help of German business experts and lawyers, according to a report in the Frankfurter Allgemeine Zeitung.

"There's a master plan," one unnamed German business expert and university lecturer told the paper. "They want to open up this year."

The report says a team of German lawyers and economic experts are involved in concrete plans to alter North Korean law to welcome investors into the country, which has been isolated from the global community since the Second World War.

In his New Year address Kim Jong Un announced radical changes intended to transform the backward nation into an "economic giant" and raise living standards for the North Korean population, which frequently suffers severe food shortages and power outages.

The strategy is likely to be based on the Vietnamese model of selecting individual businesses to invest in the country, the expert told the paper, rather than the Chinese model of targeting specific economic zones for foreign investment.

The news that German advice is being sought in Pyongyang comes amid a row in the US over plans recently announced by Google's Chief Executive Officer Eric Schmidt to visit North Korea on what he claims is a private trip.

DPA/The Local/jlb

The Local (news@thelocal.de)

Don't miss...X
Left Right

Your comments about this article

12:28 January 5, 2013 by dogs
why not advise them and get in on the ground floor? the people of NKorea are the only ones that can change their government. if they grow as a capitalistic nation, then the government could change along with this growth.

However, never trust NKorea to keep their word on anything.
14:52 January 5, 2013 by Zubair Khan
It is never late if correct decisions are taken. Good news for Germany. In 1962 South Korea took the economic model of Pakistan which was then led by Mr MM Ahamd who later was appointed as Dy President of World Bank. Unfortunately Pakistan became the victim of religious extremism while South Korea became the economic giant. Germany has sound and successful economic policies and hopefully North Korea will soon benefit from it. Good wishes for both sides.
16:12 January 5, 2013 by catjones
The North Koreans aren't consulting with germany on foreign investment; they are seeking advice on integration with the South.
17:10 January 5, 2013 by realist1961
Perhaps one bit of advice may be to quit setting off nuclear bombs and launching rockets.
17:32 January 5, 2013 by Englishted
Advice from the two chancellor candidates is as follows.

She: austerity ,austerity ,austerity, tax cuts for the better off,oh and a inflation busting pay rise for politicians.

He : sorry I can't say unless you pay me a vast sum and then I'll put it in a speech for you, however I will say this much we should be paid in line with bankers because nobody ever question what they do to deserve their fantastic pay packets.
17:57 January 5, 2013 by raandy
Every picture of this guy looks like he is thinking ,"I am so far over my head"
20:23 January 5, 2013 by frankiep
In the words of Ronald Reagan: Trust....but verify. Hopefully, for the sake of the people of North Korea and the entire region, the boy dictator is not like his father and grandfather and is serious about reform.
02:18 January 6, 2013 by DOZ
Things are changing, while the USA and Canada stick their heels into the ground trying to keep their old realities alive.
07:33 January 6, 2013 by schneebeck
@ DOZ #8

Which "old" realities (plural) do the US and Canada have that they are trying to keep alive. Can you specify these?
12:07 January 7, 2013 by aidanfc
It's annoying that no link is provided to the original article - which, curiously, I can't find at all on FAZ's website (Searching 'Korea' yields a couple of NK stories, but not this. Does anyone have that link, please?
Today's headlines
Russia 'severed' from Europe: President Gauck
President Gauck stands shoulder to shoulder with President Komorowski of Poland in Gdansk on Monday. Photo: DPA

Russia 'severed' from Europe: President Gauck

Russia has "effectively severed its partnership" with Europe and wants to establish a new order, German President Joachim Gauck said on Monday. READ  

National Uber ban is revenge of the taxis
Taxis are a powerful trade lobby in Germany. Photo: DPA

National Uber ban is revenge of the taxis

The Frankfurt regional court has imposed a temporary nationwide ban on chauffeur car service Uber, saying that it must pay a €250,000 fine if passengers continue to book rides through its app. READ  

Sex party 'desecrates' Bavarian royal spa
The facade of the Bad Reichenhall Royal Spa Hotel.

Sex party 'desecrates' Bavarian royal spa

The Bavarian finance ministry has demanded a report from the company running a publicly-owned spa in the town of Bad Reichenhall after they rented the property out for a fetish party. READ  

Merkel details Iraq arms shipment to MPs
Angela Merkel addressing the Bundestag on Monday as her ministers look on. Photo: DPA

Merkel details Iraq arms shipment to MPs

UPDATE: Chancellor Angela Merkel addressed the Bundestag on Monday to explain her government's decision to send weapons to Iraqi Kurds fighting terrorist group Isis. READ  

Town in shock as tax worker shot dead
DPA

Town in shock as tax worker shot dead

A tax office worker in the Schleswig-Holstein town of Rendsburg died in hospital after being shot on Monday morning. READ  

Olympic visions compete in Berlin and Hamburg
Berlin and Hamburg mayors Klaus Wowereit and Olaf Scholz on Monday. Photos: DPA

Olympic visions compete in Berlin and Hamburg

Germany's capital and its gateway to the North Sea each released details of their Olympic bids on Monday as the race for the 2024 or 2028 summer games nominations picks up momentum. READ  

Vacationer killed by Baltic Sea bacteria
Photo: DPA

Vacationer killed by Baltic Sea bacteria

Six people were infected with a bacteria from the Caribbean which has made itself at home in the popular German vacation destination. One of them is now in a coma. READ  

UN applauds Germany's help to refugees
DPA

UN applauds Germany's help to refugees

UNHCR Commissioner Antonio Guterres is lauding Germany's role in accommodating the influx of refugees in Europe, while pointing at the imbalance of effort within the EU. The federal government has pledged to do more. READ  

Energy-sucking vacuums no longer welcome
Photo: DPA

Energy-sucking vacuums no longer welcome

Starting on Monday, vacuum cleaners drawing more than 1600 watts can no longer be brought into Germany. The ban is part of a an EU-wide environmental protection measure. READ  

Coalition horsetrading starts after Saxony vote
CDU leader Stanislav Tillich with SPD Martig Dulig. Photo: DPA

Coalition horsetrading starts after Saxony vote

Chancellor Angela Merkel's Christian Democratic (CDU) party is in search of a new partner after the expulsion of its former allies the Free Democrats (FDP) from the Saxon state parliament. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Photo: Shutterstock
Gallery
Ten of the oddest things found by German border control
Photo: Gerkan, Marg and Partners/Tegel Projekt GmbH/J. Mayer
Berlin
How will Berlin look in five years' time?
Photo: DPA
Culture
Sprechen Sie Deutsch? 10 reasons why you should
Photo: DPA
Gallery
The best of Berlin's mayor Klaus Wowereit in 14 pictures
Photo: DPA
Politics
Germany sends burgers and sausages to Kurds
Photo: Matthias Kock
National
Tribes, ties and a movie: A German's Afghan life
Photo: DPA
Gallery
10 things to do before summer in Germany is really over
Photo: DPA
Gallery
The mysteries of Berlin's abandoned theme park
Photo: Europeana.de 1914 - 1918
Gallery
A German soldier's life behind WWI lines
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

3,416
jobs available
Toytown Germany
Germany's English-speaking crowd