At CE, we often find ourselves explaining how the DPRK economy is changing. We're often offered the opportunity to give analysis of the attendant opportunities, challenges and issues. We're almost as often asked something like: "Yeah, but who is really making money in North Korea?". Well, here is one company. This article, featured on Xinhuanet, discusses a corporation that deals with North Korean raw materials and is basically a success-story press release. Clearly it's an exercise in self-promotion, but this is refreshing when it comes to North Korea and business. If North Koreans are publicity-shy, all too often foreign actors are as well: part of the process of normalization of business practices in North Korea will require better communication overall.
Tumen Xinhuan Corporation of Jilin Tiesong Group exceeds its annual business goals
Despite Facing the fluctuating market and heavy obligations, Tumen Xinhuan Corporation of Jilin Tiesong Group overfulfills management goals in 2014.
This corporation is a foreign-trade corporation that runs North Korea iron ore, and counts one fourth of the profits of Jilin Tiesong Group. Then this article praises the corporation by describing details of the corporation’s hard-working. To increase the amount of import, it negotiated with and imported 62,000 tons of iron ore through the North Korea King Kong Trade Company. To develop more importing routes, the corporation signed import contracts with new North Korean customers, including North Korea Metal Import-Export Company, North Korea Five Trade Company, North Korea Xinxing Cooperation Company. This year Xinhuan Corporation imported 210,000 tons of iron ore through North Korea Xinxing Cooperation Company from Nanping Port. To develop ways to create profits, the corporation used advantages of business relations with North Korea Long Yue Shan Trade Company, by paying attention to this Company’s management tendency and actively negotiated. Therefore, the corporation imported 2527 tons of steel ingot and created profits of more than 5 million yuan. To find new ways of creating profits, the corporation negotiated with North Korea Forestry Province, and will import timber in winter.
By December 9, the corporation has revenue of 165,510,000 yuan, which is 110% of annual plan, and profits of 6,070,000 yuan, which is 233% of the annual plan.
- Link: http://www.ln.xinhuanet.com/ztjn/sytlj/2014-12/11/c_1113609021.htm
Translation by Wang Xingyu