• Germany's news in English
 

North Korea seeks German economic advice

Published: 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)

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
Right-wing leader suffers restaurant attack
AfD co-leader Frauke Petry. Photo: DPA

Right-wing leader suffers restaurant attack

Frauke Petry, co-leader of Alternative for Germany (AfD), was attacked by masked assailants while eating in a restaurant on Wednesday evening. READ  

Court rejects case against US drone strikes
An American MQ-9 "Reaper" unmanned drone. Photo: U.S. Air Force/Paul Ridgeway/dpa

Court rejects case against US drone strikes

A German court on Wednesday rejected a complaint by three Yemenis demanding that Berlin bar Washington from using a US base on its territory to operate deadly drones. READ  

Gay marriage: Germany still says 'No'
A gay couple in Stuttgart. Photo: DPA.

Gay marriage: Germany still says 'No'

Germany's cabinet on Wednesday approved a raft of draft measures to extend the rights of same-sex couples, but faced criticism for allowing only civil unions, not full gay marriage. READ  

Spectre of Greece haunts G7 Dresden meeting
German Finance Minister Wolfgang Schäuble welcomes his G7 colleagues to Dresden. Photo: DPA

Spectre of Greece haunts G7 Dresden meeting

Finance ministers and central bank governors of the Group of Seven wealthiest nations gathered in Dresden Thursday to discuss the global economy and tax evasion, but the Greek crisis was also high on everyone's minds. READ  

Cologne's giant bomb successfully defused
The bomb was burrowed deep in the ground. Photo: DPA

Cologne's giant bomb successfully defused

Bomb disposal teams have successfully made a 1,000-kilo explosive dropped during the Second World War safe, allowing 20,000 evacuated people to return to their homes. READ  

Cabinet revives plan to grab internet records
Anti-surveillance demonstrators in Berlin's Alexanderplatz in 2013. Photo: DPa

Cabinet revives plan to grab internet records

Germany's coalition government agreed on a draft law on Wednesday requiring telecoms companies to keep customers' data for up to ten weeks in case they are needed by security services, riling digital rights activists. READ  

The Local List
Germany's most idyllic swimming spots
Photo: Celsius / Wikimedia Commons.

Germany's most idyllic swimming spots

A European ranking released last week showed that Germany had one of the highest numbers of 'excellent' lakes and rivers for swimming, so The Local picked out some of the best places to take a dip in Germany this summer. READ  

Mediterranean migrant crisis
Germany to take most in refugee quota project
The German navy rescues refugees in the Mediterranean. Photo: DPA.

Germany to take most in refugee quota project

Germany found out on Wednesday it will have to take in the largest number of refugees under the European Commission's new quota system which aims to rehouse 60,000 people over the next two years. READ  

Foreign investors rate Germany Europe's best
A worker assembling motors at a Magdeburg factory. Photo: DPA

Foreign investors rate Germany Europe's best

Germany is behind only China and the USA as a destination for foreign investment, a study has shown. READ  

Merkel 'deceived' public on No-Spy treaty
Photo: DPA

Merkel 'deceived' public on No-Spy treaty

Chancellor Angela Merkel's government tricked the public into believing the USA was prepared to sign a so-called 'no-spy agreement' with Germany ahead of elections in 2013, a report in the Süddeutsche Zeitung claimed on Wednesday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Travel
Why the train strike is bad for passengers and workers
National
Meet Germany's Eurovision hope
Business & Money
Is 2015 a new moment for jobsharing?
Features
How the LGBT rights movement was born in Germany
National
Why you don't make bomb jokes at the airport
National
Why Germany needs a little less tipple
National
Who Germans and Americans trust... and don't
Politics
What the UK election means for Germany
National
Why Germany is great for mums
Features
The Germans with GI dads
Five ways Germany falls short on gay rights
Travel
Giant tortoise found riding Munich rail
National
FCK CPS? A-OK with court
Politics
Opinion: Brexit's dangers for Germany
Features
Smart kids all want to work for BMW
National
Minister shows off top Denglisch
National
Germany's 'other genocide' in Africa
National
Arms firms get a 'must do better' mark on ethics
Sport
Bayern's anticlimactic 25th Bundesliga win
Politics
A Greek learning politics in Germany
Features
The battle of the "Gates of Berlin"
National
Germany's 'very poor' lobbying record
National
Germany's favourite baby names of 2014
Politics
Merkel's 15 years at the top of German politics
Travel
Lowest of the low: how woman exploited Germanwings crash
Features
Spice up asparagus season with The Local's serving suggestions
Sport
Football and the €30,000 firework
Technology
Why scientists oppose killer robots
National
'Cannibal cop' gets 8 years
National
Which city is Germany's worst for drivers?
Technology
Electrifying 'Ostalgia'
National
Cologne Cathedral returns from space
Pupils mourn lost classmates
National
Freed after 25 years on death row
Shutterstock
Sponsored Article
10 things you didn’t know about Zagreb (and why you should go)
Is your workload 'out of control'? You're not alone...
Sponsored Article
What expat parents should ask before choosing a school
Features
Paddy's Day, Berlin style
National
Why east Germans are happy to get it on on camera
National
Uplifting thoughts to get you through the last week of winter
National
What would you do with a 250-year-old pretzel?
National
Who wants the Olympics more - Hamburg or Berlin?
Features
Just why is the German flag Schwarz, Rot, Gold?
Business & Money
Getting German workers and bosses thinking positive
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

6,693
jobs available
Toytown Germany
Germany's English-speaking crowd