PYONGYANG INTERNATIONAL TRADE FAIR   Application Procedures  Pyongyang Business School(PBS) Education System in DPRK

Foreign Trade Policy

The DPRK government established diplomatic ties with foreign countries all over the world under the ideal of independence, peace and friendship, promoted trade and other economic exchange with them and consolidated the foundation of the national economy, thus contributing to the development of the world economy and international trade relations. "The develop foreign trade is not incompatible with self-sufficiency in the economy but provides an important guarantee for consolidating the economic self-sufficiency of the country and its might and speeding up the drive to make the national economy Juche-orientated, modern and scientific." In keeping with the changed international environment and the requirements of the growing national economy the DPRK government renewed the interim law oh trade adopt the Foreign Trade Law on December 10, 1997 as a decision of the then Standing Committee of the Supreme People's Assembly. The keystone in the trade policy pursued by the DPRK government is to expand and develop foreign trade on the basis of consolidating the foundation of the independent national economy, which provides a material guarantee for promoting foreign trade on the principle of full independence and equality between countries.  The independent national economy does not mean "closed economy".

  Over the past decades the DPRK has consistently maintained the policy of carrying on foreign trade by relying on the self-supporting national economy and consolidating its foundation through foreign trade. The government has maintained the principle of independence, equality and mutual benefit and the credit-first principle in foreign trade relations. It set forth the credit-first policy and has ensured that all the companies strictly maintain credit to improve the trade environment of the country. To make foreign trade multilateral and diverse, the government is expanding the scope of foreign trade and bolstering up economic relations with other countries.  Article 3 of the Foreign Trade Law stipulates; "Multilateral and diverse trade is the fundamental way of expanding foreign trade.

To develop multilateral trade the DPRK promotes economic exchange and cooperation with three provinces in Northeast China, far eastern Russia and other neighbors and deals with different countries in Asia, Africa, the Americas and Europe. In the new century the DPRK has conducted wide ranging economic exchange and developed trade relations with EU nations, the DPRK's economic and trade relations with the EU nations are developing constantly. In pursuit of diversified trade the government encourages processing export and bonded processing trade and carries on export and import of software and other technological goods as well as transit and consignment trade.

The basic aim in its export policy is to produce and export goods that are in great demand in international markets and constantly improve the country's export structure by reducing the export of raw materials and increasing the export of processed goods.

At present the export of technological goods, especially information technology, is on the increase. The government encourages local companies in export to strengthen export trade. Bases for producing export goods are built while various preferential steps are taken. The basic aim in its import policy is to import raw materials and other materials that the country lacks to consolidate the foundation of the independent national economy and improve the people's living standards and purchase machinery and technologies that are needed in updating and computerizing the national economy.

The government promotes international cooperation and takes necessary measures to improve the country's foreign trade environment and create favorable condition for bolstering up trade relations with other countries on the principle of independence, friendship, equality and mutual benefit.

The DPRK has long cooperated with the UNCTAD, UNDP, ICC and other international economic and trade-promoting organizations.

The government established the D.P.R. of Korea Chamber of Commerce, which is working in close cooperation with the ICC and local chamber of commerce and industry across the world. It has concluded trade agreements, agreements on the promotion and protection of investment, agreements for avoiding double taxation and various international conventions with different countries in the efforts to establish a legal framework for the promotion of trade and investment.

True to the socialistic economic construction policy in the Songun era set forth by the Workers' Party of Korea, the government is speeding up the modernization of the national economy in line with the requirements of the Information Technology(IT) age to bring about surge in the economic construction and, on the basis of this, developing foreign trade constantly.

It will further cement the foundation of the economy and expedite the building of a great prosperous powerful socialist nation by dealing with foreign countries on the principle of independence, mutual respect and equality.

Business Directory in D.P.R.K.

1.Committee for the Promotion of International Trade 

  Address: Central District, Pyongyang, Jungsong-dong, Seungri-street

       Tel:  850-2-381-5926

       Fax: 850-2-381-5827

2. DPRK Chamber of Commerce

   Address: Central District, P.O.Box 89,  Pyongyang

       Tel:  850-2-381-5926

       Fax: 850-2-381-5827

3. Committee for the Promotion of External Economic Cooperation(CPEEC)

  Address: Central District, Pyongyang

       Tel:  850-2-381-6163

       Fax: 850-2-381-5827

D. Korea Committee For the Promotion of International Trade

   Vice-Chairman, Ri Hak Gwon

   e-mail: micom@silibank.com

  Tel:  00850-2-381-5926

  Fax: 00850-2-381-5827

E. Chamber of Commerce Democratic People's Republic of Korea

   Executive Director, Pak Jong Ung

 e-mail: micom@co.chesin.com

  Tel:  00850-2-381-5926

  Fax: 00850-2-381-5827

F. Korea Ilsa Trade & Information Corporation

Korea Ilsa Trade & Information Corporation is the consultative service center which shares trade information with international organization, companies and trade research institutes of other countries' trade information companies and economic information fields.

  In addition offering foreign trade consultative services, the corporation conducts the consultation concerning the  use of foreign capital, economic joint venture and technical transfer and plays the role of a trade advisor and consultative business agency.

 It helps to make Korean products find foreign market and send samples, contracts with foreign companies and sell goods. Besides, it investigates, studies and decides the equity and  contractual joint ventures, processing and OEM projects to be undertaken between Korea and foreign companies and helps to complete them together with the related organization and at the same time,, organizes services necessary for spot survey and interview related to business purpose of foreign businessman.

Tel: 850-2-18111(8725) and fax:850-2-381-1042  

Work is now under way in cooperation with the German consulting company to conduct joint consulting services to Germany and EU companies.

G. The Pyongyang Law Office established

The Pyongyang Law office has been opened by Michael Hays, the founder of HK & A, which also has offices in the United Kingdom.

H. Myohyang General Corporation

Established in 1993, the Myohyang General Corporation engages in shipping business which staffed with IT experts and seamen. 

The seamen were selected according to International Conventions on Standards of Training, Certification and Watch-keeping for Seafarers adopted by IMO. It conducts various trade activities such as shipping, sale of fuel, fishery and commercial activities. The corporation has its head office in Pyongyang, its mission in Singapore and branch offices in other countries. It conducts marine transportation with 15,000-ton cargo ships in Asia, Africa and other regions of the world. It increased chartered cargo ship, repairs ships, gas station, seafood processing factories, crew training center to run and manage any types of ships and Myohyang IT Center develops software and hardware.