• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

What To Expect When Quitting Alcohol

March 6, 2026

US Lost Jobs In February, Showing Weaker Economy Than Expected

March 6, 2026

110 Funny Anniversary Quotes and Messages That Will Make You Laugh

March 6, 2026
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, March 7
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    US Lost Jobs In February, Showing Weaker Economy Than Expected

    March 6, 2026

    Trump Cuts Off Trade To Spain After Nation Bucked US On Iran War

    March 3, 2026

    Ford Recalls Over 4,000,000 Vehicles For Software Glitch

    February 26, 2026

    Jamieson Greer Says Trump Still Has ‘Very Durable Tools’ For Tariffs, Trade Deals

    February 22, 2026

    Scott Bessent Lays Out Future Of Trump’s Tariffs, Trade Deals

    February 22, 2026
  • Finance

    How Long Can Kyrgyzstan’s Economic Boom Keep Booming?

    February 18, 2026

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»A Chinese Businessman on Doing Business Inside North Korea
Finance

A Chinese Businessman on Doing Business Inside North Korea

March 23, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
A Chinese Businessman on Doing Business Inside North Korea
Share
Facebook Twitter LinkedIn Pinterest Email
Advertisement

The land route between Hunchun in China and Najin-Sonbong in North Korea was recently reopened after being closed for close to three years due to the COVID-19 pandemic. The reopening has enabled Chinese business owners who built factories in Najin-Sonbong – but could not operate them due to the pandemic – to once again start business.

Earlier this month, Daily NK interviewed a Chinese businessman who built a factory in North Korea to produce finished goods for export to China. The businessman hired cheap North Korean labor and manufactured goods using raw materials imported from China. The man’s identity cannot be disclosed due to security concerns.

According to this businessman, Chinese cargo trucks enter North Korea carrying raw materials and then re-enter China filled up various finished products, such as clothing, bags, shoes, and wigs.

The U.N. Security Council completely banned the export of textiles and finished clothing from North Korea through Resolution 2375, which slapped sanctions on Pyongyang following its sixth nuclear test in 2017.

Yet, based on the Chinese businessman’s account, textile products produced in North Korea appear to be openly exported to China.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

Even packaged goods that had been held up in North Korea due to the pandemic-related border closure are now being exported to China through the overland route. The businessman said Chinese businesspeople are currently focusing on recouping the losses they suffered during the course of North Korea’s border closure.

The following is Daily NK’s full interview with the Chinese businessman.

See also  AI Stock Tesla's Musk Starts AI Company With 100 Mil. Private Stock Sale; Is AI Stock A Buy?| Investor's Business Daily

U.N. Security Council Resolution 2375 completely banned textile exports from North Korea. Why are you continuing to run a business that imports textile products made in North Korea using raw materials from China?

Advertisement

It’s not easy for me to change what I manufacture because I already took equipment for making outerwear, shoes, bags and other items into North Korea and built a factory. I brought 10 million RMB [around $1.4 million] into North Korea to build the factory and started the business by lobbying North Korean cadres. That makes it difficult to suddenly shut down the factory or switch to another product. I think it’s natural for any businessperson to recoup the money that has already been invested.

North Korea doesn’t have a stable political environment for foreigners to do business in, but because wages are so low, doing business there is worth a try, even if you have to face risks like sanctions. Of course, we had no choice but to suspend business due to the unexpected COVID issue, but even now, it’s a lot more profitable to build a factory in North Korea and make items there than to run a factory in China.

Are there many Chinese businesspeople who want to invest in North Korea nowadays?

There are far fewer Chinese interested in investing in North Korea than there were before COVID-19. Chinese traders suffered a lot of losses when North Korea completely sealed its border and unilaterally banned private trade [over the past three years]. People who are aware of [North Korea’s actions] are negative about investing directly in North Korea, but businesspeople who have never done business with North Korea or who are unaware of the inside story are still interested in investing there.

See also  Vladimir Putin Invites North Koreas Kim Jong Un To Russia Summit What To Watch Out For

Recently, for example, a person who runs a clothing factory in Guangzhou visited me to ask about building a factory in North Korea. I told him people who have already built a factory in North Korea and invested have to keep their business going, but it’s very risky to bring new equipment into North Korea and build and operate a factory. You never know what trade-related measures North Korea will enact, and if China restricts business activity with North Korea, there’s really nothing you can do. [The business environment in North Korea] is not stable.

Have there been cases where Chinese businesspeople who have invested in North Korea were unilaterally kicked out of the country without being able to recoup their investments? 

Of course. There was a person from Dandong who invested in a North Korean mine. He invested almost 30 million RMB [$4.3 million], and then they found rare earth metals at the mine. Suddenly, because there was money to be made, the North Korean authorities said the land was originally a military facility and that foreigners couldn’t do business in the area, so he [had to] leave everything there.

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

Those kinds of unfair situations sometimes happen, but because establishing a manufacturing plant using North Korean labor is both beneficial to North Korea and profitable to foreign businesspeople, those kinds of businesses tend to be more issue-free than [investment] in specialized industries.”

How much do you pay your North Korean workers? And have you set aside costs that you must regularly pay the North Korean authorities?

See also  China's economic model is 'washed up on the beach'

When I first built the factory, I spent a lot of money, but since then, I have not made regular payments to North Korea. The people who manage the factory really watch my back, so I give them lots of gifts. I regularly give them gifts of 10,000 or 20,000 RMB [around $1,456 to $2,913].

Advertisement

I pay the workers about 700 to 800 RMB [around $101 to $116] a month. People who have run factories in China would know, but that’s a really low wage. If you hire a Chinese person to make an item, the head of the company has to pay social insurance, but with North Koreans, you only have to pay the monthly wage, so you can save on payroll. If North Korean authorities would allow foreign businesspeople to do business in a stable way, I think there would be a line of people in China who would want to build factories in North Korea.

This article first appeared in Daily NK, which contacts multiple sources inside and outside North Korea to verify information. The Diplomat was not able to verify the claims independently.

Business Businessman Chinese Korea North
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Barron Trump Reportedly Teams Up With High School Buddies For Major Business Launch

February 19, 2026

How Long Can Kyrgyzstan’s Economic Boom Keep Booming?

February 18, 2026

JB Pritzker’s Cousin Steps Down From Family Business Over Epstein Ties

February 18, 2026

DOJ Forces Chinese Firms To Pay Millions Over Alleged Taxpayer Fraud Scheme

December 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Elon Musk Reveals New Name For A Tweet Once Twitter Becomes ‘X’

July 23, 2023

China Insists Health Care Cuts Not Happening After Massive Wuhan Protest

February 28, 2023

Elliot Page Scheduled Transgender Surgery Consultation ‘Within Weeks’ of Hearing Voices and Self-Mutilating

June 11, 2023

Chevron to boost U.S. presence with $7.6 billion PDC Energy buy

May 23, 2023
Don't Miss

What To Expect When Quitting Alcohol

Lifestyle March 6, 2026

Quitting alcohol may not be the hardest thing a person does, but it will not…

US Lost Jobs In February, Showing Weaker Economy Than Expected

March 6, 2026

110 Funny Anniversary Quotes and Messages That Will Make You Laugh

March 6, 2026

Trump Cuts Off Trade To Spain After Nation Bucked US On Iran War

March 3, 2026
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,307)
  • Entertainment (4,220)
  • Finance (3,203)
  • Health (1,938)
  • Lifestyle (1,840)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Mongolia and South Korea Emphasize Deeper Economic Ties 

March 2, 2023

Singapore’s OCBC bank suffers brief outage, shares gain 1%

August 28, 2023

Joan Collins, 90, Says Warren Beatty, 86, is a ‘Total Bore’ in Bed: Source

July 13, 2023
Popular Posts

What To Expect When Quitting Alcohol

March 6, 2026

US Lost Jobs In February, Showing Weaker Economy Than Expected

March 6, 2026

110 Funny Anniversary Quotes and Messages That Will Make You Laugh

March 6, 2026
© 2026 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.