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2006-07-24 |
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Pyongyang business group celebrates first anniversary |
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A year ago today the European Business Association was established in the northern capital of Pyongyang. Bringing together a diverse range of companies involved in banking, shipping, pharmaceuticals and manufacturing, the EBA sees its primary role as a bridge builder, encouraging more European businesses to invest in and do business with North Korea.
"We hope to encourage even more European businesses to come here," Felix Abt, president of the EBA told The Korea Herald.
The association admits that compared to China, for example, there has been comparatively weak interest among European companies. The EBA said this is mainly because there is a lack of awareness in Europe regarding the promising business and investment potential of North Korea.
However, Abt said the past year has seen some notable successes with a number of new European businesses establish themselves in Pyongyang and sign contracts in the mining, electrical equipment and IT sectors.
"More European companies are interested in investing and doing business here which means the membership of the EBA is gradually increasing," he said.
"We have also seen a generally better understanding by our North Korean partners of how European enterprises work, their needs and what realistically can be expected from them," Abt said. Abt, who is the resident chief representative of a large European manufacturing and trading group, said the EBA sees growing opportunities, particularly in the light industrial and IT sectors.
Obviously, moves by the U.S. Treasury to isolate the Macau-based Banco Delta Asia and its cooperating banks for allegedly facilitating money-laundering activities by the North has had an impact on legitimate businesses in Pyongyang.
Nevertheless, Abt remains upbeat, "When the confiscated funds belonging to the Daedong Credit Bank and its customers are returned, we will have a huge party," Abt said.
The Korea Herald, April 28, 2006
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