DPRK Business Monthly: August 2017

Published: August 2017

This regular publication looks at current international, domestic, and peninsular affairs concerning North Korea while also offering commentary and tourism information on the country.

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  • No. of Pages: 21 pages

This regular publication looks at current international, domestic, and peninsular affairs concerning North Korea while also offering commentary and tourism information on the country.

In international news, the United Nations (U.N.) Security Council has added luxury imports to the list of economic sanctions to the northern peninsular country. Also, according to the latest report from the U.N.’s Food and Agriculture Organization (F.A.O.), North Korea faces a food shortage on basic grains after prolonged dry weather conditions, forecasting the need for immediate intervention to alleviate the local population needs.

In Inter-Korean news, North Korea has rejected the request of Hyundai Asian Corporation, former operator of the suspended tour program to Mount Kumgang, to hold a memorial service to honor the death anniversary of its former chairman Chung Mong-hun at the scenic area, after the company failed to seek approval last year due to tensions in the Korean Peninsula.

On the domestic front, according to North Korea’s national bank, the Bank of Korea (BOK), the country’s domestic product (GDP) expanded 6.1 percent in 2016, contrasting with previous year 1.1 percent contraction. On other affairs, North Korea’s state-run Korea National General Insurance Co. has resolved to further expand its business although in defiance of U.N. sanctions. Finally, South Korea’s Unification Ministry has vowed to provide financial help to investing South Korean firms in inter-Korean economic projects that have suffered major setbacks and losses following Seoul’s halt on inter-Korean cooperation.


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