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| Korea |
| SKOR top importing nation for NORKS passing Japan, China |
| 2003-12-12 |
| From East-West-Intel SEOUL — South Korea emerged this year as the biggest export market for North Korea since the South-North economic exchanges began 15 years ago. According to the statistics released last week, North Korea delivered $233.75 million worth of goods to South Korea from January to October this year, a 29.9 percent increase over the corresponding period a year earlier and surpassing China’s import amount by $2.12 million for the first time. So SKOR is the big player in keeping the NORKS afloat. Japan’s imports from North Korea, on the other hand, decreased by 29.2 percent during the same period to $130 million. This reflects an anti-North Korean sentiment in Japan triggered by Pyongyang’s admittance of having kidnapped Japanese citizens. The statistics were compiled by Korea Trade-Investment Promotion Agency (KOTRA), Korea Trade Association and the Ministry of Unification. The South-North direct trade began with a meager $18 million exchange in 1989, rose to more than $100 million in 1991 and reached $200 million in 1995. The volume fell sharply in 1998 to $92.2million when South Korea was hit by a currency crisis and sought an IMF emergency bailout. But it has been increasing steadily since 1999. Most of the imports from North Korea are processed by North Korean workers for small and medium size South Korean companies suffering from the high domestic labor costs. Low cost grass-eating slave labor, way to go, SKOR Currently, about 177 South Korean companies benefit from the cheap labor in North Korea. Thousands of South Korean small businesses that had turned to China for cheaper wages now are hoping to use North Korean labor when the Kaesong industrial complex is completed. That complex will be situated near South Korea, allowing businessmen to even commute. The Juche commute. Unlike China, there will be no communication problems with workers. Same language, and if they don’t cooperate, liquidate. When a railway connection is completed between the South and North, businessmen will save time and shipping expenses for exports to the European market. What now takes 30 days by ship would require only a week by the trans-Siberian or trans-China railroad transportation. More than 1,400 small South Korean companies have applied for subscription rights at the Kaesong complex. Korea Land Development Corporation, which jointly developed the complex with Hyundai Asan, started constructing the site administration office on Dec. 11. And that, ladies and gentlemen, is how we will help the NORKS maintain their military and WoT machine. Thank you, SKOR. |
| Posted by:Alaska Paul |