• 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
35 hurt as trains collide in southern Germany
A Deutsche Bahn train. File photo: DPA

35 hurt as trains collide in southern Germany

Thirty-five people were injured, four of them seriously, when a passenger train collided with a freight train late Friday near Mannheim station in southern Germany, the operator Deutsche Bahn said. READ  

German hospitals ready for Ebola patients
Hamburg's UKE isolation ward is ready to take patients. Photo: DPA

German hospitals ready for Ebola patients

Germany's high-tech isolation wards remained on alert on Friday, ready to receive Ebola patients should they be required to. German airports seemed less prepared for the potential dangers of the viral epidemic, however. READ  

Two die in Bremen plane crash
The fire caused by the crash. Photo: DPA

Two die in Bremen plane crash

UPDATE: Two men died on Friday afternoon when a plane crashed in Bremen, causing a fire and a series of explosions in a warehouse near the city's airport. READ  

Merkel's party mutinies over tax cuts
Merkel in Münster last year at a meeting of her party's workers' wing. Photo: DPA

Merkel's party mutinies over tax cuts

Chancellor Angela Merkel faced a rebellion from within her own party on Friday after an unlikely coalition formed in favour of tax cuts for workers on lower incomes. READ  

Expat Dispatches
'Look at those German shanty towns!'
Kleingärten in Leipzig. Photo: DPA

'Look at those German shanty towns!'

Visitors to Germany can sometimes be confused by the country's love of allotments in cities, known as a Kleingarten. Teacher and blogger Kathleen Ralf tells us what it's all about. READ  

Lightning rods further delay Berlin Airport
Closed until further notice: Berlin's troubled new airport. Photo: DPA

Lightning rods further delay Berlin Airport

Too few lightning rods and an undersized emergency generator have prevented part of Berlin's new airport from opening. Safety inspectors refused to sign off on the airport's north pier, thwarting progress on the massively delayed construction project. READ  

Two thirds of Berlin's tourist flats now illegal
Photo: DPA

Two thirds of Berlin's tourist flats now illegal

Two thirds of Berlin's 12,000 tourist apartments advertised on sites such as Airbnb were being run illegally from Friday following a law change, leaving hosts open to potential punishment. READ  

Lost goat halts Munich Airport trains
Fritzi underneath the train. Photo: Freiwillige Feuerwehr Unterschließheim/DPA

Lost goat halts Munich Airport trains

A lost pet goat called Fritzi halted trains to Munich Airport and had to be rescued from the tracks after suffering a concussion. READ  

Germany crowned U19 European Champions
Photo: EPA/Tibor Illyes HUNGARY OUT

Germany crowned U19 European Champions

Germany’s U19 football team added to a glorious summer of sport for the country by winning the European Championships in Budapest on Thursday night. READ  

World War I anniversary
100 years ago, Germans celebrated war's outbreak
August 1914. German soldiers march off to war in France. Photo: DPA

100 years ago, Germans celebrated war's outbreak

A hundred years ago on Friday Germany declared war on Russia and was preparing for an attack on France in the hope that Britain would stay neutral. Four years on, famine was ravaging the country and two million soldiers had been killed on the battlefield. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Society
Meet the man allowed to grow his own cannabis
Photo: DPA
Society
Your lottery numbers are 9, 10, 11, 12 and 13...
Photo: DPA
Gallery
Five reasons to visit Oktoberfest (and five not to)
Photo: DPA
Society
Huge Bavarian crop circle puzzles crowds
Photo: DPA
Analysis & Opinion
Have Your Say: Should Germany legalize cannabis?
Photo: DPA
Gallery
Hamburg harbour lit up in blue
Business & Money
JobTalk: 'Application process is failing'
Photo: DPA
Society
This man wants to give all of us €12,000 a year
Photo: DPA
Education
Top university switches master's courses to English
Travel
Plans unveiled for bike trail along former Iron Curtain
Photo: Europeana.de 1914 - 1918
Gallery
A German soldier's life behind WWI lines
Education
Raising the bar for law & business in Germany
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
Photo: DPA
Features
The Local List Archive - Your guide to all things German
National
Share news tips with The Local Germany
Sponsored Article
Bilingual school turning education on its head
Sponsored Article
CurrencyFair: Why it pays when making overseas transfers
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

3,254
jobs available
Toytown Germany
Germany's English-speaking crowd