US Korea Institute

Wednesday July 29th 2015
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Posts Tagged ‘economy’

North Korea’s Ponghwa Chemical Factory

North Korea’s Ponghwa Chemical Factory

By Joseph S. Bermudez Jr. and Sun Young Ahn Summary Nearly every modern nation must obtain and refine oil to ensure its economic viability, and North Korea is no exception. However, the country’s lack of significant proven oil reserves has forced it to import all of its crude oil and many of its finished petroleum products, while relying [...]

North Korea’s Friends in Singapore Running Flags of Convenience

North Korea’s Friends in Singapore Running Flags of Convenience

Personal relationships are one of the most under-discussed aspects of nonproliferation and sanctions implementation. Yet understanding them is crucial to both. For decades, North Korea has maintained a close circle of friends in Singapore that have aided the country’s overseas trade. They have marketed North Korean products, secured service [...]

Why North Korea’s Supposed Agricultural Reforms May Not Actually Be Working After All

Why North Korea’s Supposed Agricultural Reforms May Not Actually Be Working After All

Outsiders are still struggling to decode what is really happening with the economic reforms that have supposedly been underway in North Korea since 2012. As is often the case with the country, no one knows exactly what is happening. Certain experts, for instance, claim that economic reforms have drastically changed conditions for agriculture in [...]

Could the New Asian Infrastructure Investment Bank Change the Dynamics of Economic Engagement with North Korea?

Could the New Asian Infrastructure Investment Bank Change the Dynamics of Economic Engagement with North Korea?

The surprisingly robust emergence of the Asian Infrastructure Investment Bank (AIIB) through its recruitment of 57 founding member countries has transformed prospects for economic cooperation in Asia. The AIIB promises to become a credible multilateral financial institution capable of funding significant infrastructure projects across the region. [...]

North Korea Building New Transport Corridor and Border Crossing

North Korea Building New Transport Corridor and Border Crossing

North Korea Building New Transport Corridor and Border Crossing While observers have focused attention on road improvements along the DPRK’s east and west coasts in Rason and Sinuiju, since 2011, the DPRK has been constructing a new highway segment linking Huichon to Manpho, where a new border crossing is under construction. This new road and [...]

The North Korean Budget Report 2015: Ten Observations

The North Korean Budget Report 2015: Ten Observations

On April 9, 2015, the Supreme People’s Assembly (SPA), North Korea’s parliament, met for its annual spring session. As usual, the Prime Minister gave an overview of the major economic achievements of the past year and the tasks ahead, and the Minister of Finance reported on the state budget for the previous and current years. Given the lack [...]

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Credit for photo of young North Korean girl: T.M. All rights reserved, used with permission.