• 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)

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
Pickpocket fools minister at anti-crime event
Ralf Jäger in front of a sign reading "eyes open and pockets closed" at the pickpocketing awareness event. Photo: DPA

Pickpocket fools minister at anti-crime event

North Rhine-Westphalia's interior minister Ralf Jäger was pickpocketed by a magician at a press conference he called on Monday to launch a campaign against pickpocketing. READ  

Berlin heart centre fiddled transplant list
Photo: DPA

Berlin heart centre fiddled transplant list

A probe into German transplant centres sparked by an organ donor scandal has revealed 14 cases of a doctor fiddling medical records at one of Germany’s leading heart centres. READ  

Lufthansa strike hits 20,000 passengers
A stranded group of travellers from Vancouver, Canada, sit and wait at Frankfurt Airport on Tuesday. Photo: DPA

Lufthansa strike hits 20,000 passengers

UPDATE: The fourth pilots’ strike in recent weeks hit Germany’s biggest airport on Tuesday morning, with long-haul Lufthansa flights grounded at Frankfurt. Around 20,000 passengers have been affected. READ  

View from Germany
'Criminals are at work in refugee homes'
Photo: DPA/Police

'Criminals are at work in refugee homes'

A photo appearing to show a refugee being abused at a home for asylum seekers has caused outrage in Germany. The photo has been compared to those from Guantanamo Bay and Abu Ghraib. Police are now investigating six cases of abuse at three different centres. READ  

Police suspect neo-Nazis of Reichstag attack
An investigator gives a sniffer dog the scent of an object found at the scene. Photo: DPA

Police suspect neo-Nazis of Reichstag attack

Investigators believe a Molotov cocktail thrown at the Reichstag building in Berlin early on Monday morning was the work of a far-right group, a police spokeswoman said on Tuesday. READ  

Unemployment rate stagnates in September
Photo: DPA

Unemployment rate stagnates in September

Unemployment in Germany stagnated in September, as clouds continue to build over Europe's biggest economy, official data showed on Tuesday. READ  

Germany struggles with Turkey Nato mission
A Bundeswehr Patriot missile in southern Turkey. Photo: DPA

Germany struggles with Turkey Nato mission

A shortage of trained troops caused more embarrassment for Germany's military on Tuesday when it emerged that more than one in four soldiers taking part in a Nato mission in Turkey are not getting their allotted time off between deployments. READ  

Spielberg to shoot spy thriller in Berlin
Spielberg (l), Amy Ryan (c) and Tom Hanks (r). Photo: DPA

Spielberg to shoot spy thriller in Berlin

Director Steven Spielberg is to shoot his next film in Germany, the Berlin-Brandenburg Film Board announced on Monday. The Jurassic Park and Saving Private Ryan director is turning his attention to a Cold War spy thriller. READ  

EU may drop Russian gas, Merkel warns
Chancellor Merkel with Finnish Prime Minister Alexander Stubb in Berlin on Monday. Photo: DPA

EU may drop Russian gas, Merkel warns

Chancellor Angela Merkel said on Monday that Germany and Europe may have to review their energy cooperation with Russia in the long-term if the Ukraine standoff does not abate. READ  

3,000 refugees arrive at Munich station
Munich's Hauptbahnhof. Photo: DPA

3,000 refugees arrive at Munich station

More than 3,000 refugees, including hundreds of children, have arrived at Munich’s central train station over the past few weeks, according to police. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Munich
Brit raped at Oktoberfest while going to toilet
Photo: DPA
National
Revealed: Germany's military feet of clay
Marks & Spencer
Sponsored Article
Marks and Spencer: Win €300 toward your new autumn wardrobe
Photo: Shutterstock
Society
Quiz: How good is your German?
Photo: DPA
Gallery
Thousands take to Berlin's streets for marathon
Photo: DPA
Politics
Germans look to UK to liven up Parliament
Photo: DPA
Society
'Incest should be legal,' says ethics board
Photo: DPA
Gallery
Ten noises that sound very different in German
Photo: DPA
Society
QUIZ: Can you pass the German citizenship test?
Photo: DPA
Business & Money
How to become an au pair in Germany
Photo: Shutterstock
Gallery
Ten German words you'll never want to hear again
Sponsored Article
Bilingual education from nursery to graduation at Phorms
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

3,154
jobs available
Toytown Germany
Germany's English-speaking crowd