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

Celebs Say They’re Getting Scammed by Fake Podcast Bookings

August 23, 2026

King Charles I’s Lost Treasure-Laden Ship Possibly Found

August 23, 2026

Andrew Garfield on Secret Instagram, Acting in Siegfried & Roy Series

August 23, 2026
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Sunday, August 23
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    “Los Angeles Wants to Build Homeless ‘LOVE SHACKS’ for ‘Private Sexual Relief’” (Video) * The Gateway Pundit * by Margaret Flavin

    August 23, 2026

    As Anniversy of Charlie Kirk’s Assassination Approaches, Ghoulish Hasan Piker Mocks His Murder at Event * The Gateway Pundit * by Margaret Flavin

    August 22, 2026

    How to Legally Stiff-Arm Interest Charges for Almost Two Years and Pocket Thousands Like a Boss * The Gateway Pundit * by Promoted Post

    August 22, 2026

    How Important Are the Upcoming November Elections? * The Gateway Pundit * by Guest Contributor

    August 22, 2026

    Convicted Murderer Karmelo Anthony’s Terrifying School Records and More Stunning Texts are Revealed for the First Time, Including “Imma Shoot the School Up Tmr”

    August 22, 2026
  • Health

    Ambient AI And The Next Frontier

    August 23, 2026

    Cannabis Use Disorder Is Rising— Public Health Needs To Catch Up

    August 21, 2026

    New clues emerge in direction of RFK Jr.’s vaccine policy changes

    August 21, 2026

    Ebola vaccine, Meta glasses, prostate cancer: Morning Rounds

    August 21, 2026

    What We Can Learn From Taiwan And Egypt About Ending Endemic Disease

    August 21, 2026
  • World

    King Charles I’s Lost Treasure-Laden Ship Possibly Found

    August 23, 2026

    Fox News Host Dismantles JD Vance Rally Speech Point By Point

    August 23, 2026

    Archeologists May Have Found City with Ties to Biblical Exodus

    August 23, 2026

    Nancy Kassebaum Baker, Former U.S. Senator From Kansas, Dies At 94

    August 23, 2026

    Russia Kills 16+ in Kyiv With Ballistic Missile Barrage

    August 22, 2026
  • Business

    ATF Rule Could Cause Classic Showdown Between Mom And Pop Shops Versus Online Retailers

    July 10, 2026

    Costco Shows That You Can Build A Thriving Business With One Simple Trick (Pay Your Workers)

    July 9, 2026

    The Agency Elizabeth Warren Built Now Advances Trump’s Agenda

    July 9, 2026

    Meta To Shell Out Billions For New AI Data Center Outside US

    July 9, 2026

    How Big Banks Are Scheming To Jack Up Your Fees

    July 8, 2026
  • Finance

    Best CD account earns 4.35% APY

    August 23, 2026

    The 30-Year Treasury Now Out-Yields Dividend Stocks by 2.2 Points. History Says What Followed the Last Time.

    August 22, 2026

    Active ETFs Now Take 42% of Every Dollar Flowing Into ETFs, Up From 26% in 2024

    August 22, 2026

    TSMC’s $100 Billion Arizona Expansion Shows The Stock Is a No-Brainer Buy

    August 22, 2026

    3 Dividend ETFs Worth Buying Before September

    August 22, 2026
  • Tech

    Celebs Say They’re Getting Scammed by Fake Podcast Bookings

    August 23, 2026

    Gaming Giant Roblox Says Teen Suicide Victim Waived Right to Sue When She Was Just 8 Years Old

    August 23, 2026

    Trump Explains His Support for AI Data Centers: Job Creation, Lower Taxes

    August 22, 2026

    Tech Giants Scramble to Calm Public Anger over AI Data Centers

    August 22, 2026

    TikTok Agrees to $400 Million Settlement over Child Privacy Violations

    August 22, 2026
  • 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  B&G Foods positions for “transformational year” as guidance raised

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  This "Hands-Off" ETF Could Be Your Ticket to Becoming a Millionaire

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  Why an HSA is like an ‘extra strength’ Roth IRA, advisors say

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

Best CD account earns 4.35% APY

August 23, 2026

Chinese Humanoid Robots Smash Human Records in 100m Sprint and High Jump at Beijing Robot Games

August 23, 2026

The 30-Year Treasury Now Out-Yields Dividend Stocks by 2.2 Points. History Says What Followed the Last Time.

August 22, 2026

Active ETFs Now Take 42% of Every Dollar Flowing Into ETFs, Up From 26% in 2024

August 22, 2026
Add A Comment

Leave A Reply Cancel Reply

Top Posts

England Faces Mexico And Altitude Next In 2026 FIFA World Cup

July 5, 2026

‘Plan About Winning the War’ in Iran Is ‘Old Idea’, Don’t Have Votes to Give Military What’s Needed

August 11, 2026

Living near green space makes you 2.5 years younger: study

July 1, 2023

Elon Musk Looks To Challenge ‘Woke’ Chatbot ChatGPT With New AI Venture

March 1, 2023
Don't Miss

Celebs Say They’re Getting Scammed by Fake Podcast Bookings

Tech August 23, 2026

Scammers have reportedly been attempting to dupe celebrities by posing as famous podcast hosts with…

King Charles I’s Lost Treasure-Laden Ship Possibly Found

August 23, 2026

Andrew Garfield on Secret Instagram, Acting in Siegfried & Roy Series

August 23, 2026

Fox News Host Dismantles JD Vance Rally Speech Point By Point

August 23, 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 (4,399)
  • Entertainment (6,421)
  • Finance (4,696)
  • Health (2,776)
  • Lifestyle (1,921)
  • Politics (4,329)
  • Sports (5,127)
  • Tech (2,548)
  • Uncategorized (4)
  • World (6,554)
Our Picks

CCP-Controlled, State-Owned Firm Behind Chinese Cash Allegedly Funneled To Hunter Biden, Documents Show

May 13, 2023

Madonna Gives Health Update After Suffering Medical Emergency

July 31, 2023

Tulsi Gabbard Resigns as Trump’s Director of National Intelligence

May 22, 2026
Popular Posts

Celebs Say They’re Getting Scammed by Fake Podcast Bookings

August 23, 2026

King Charles I’s Lost Treasure-Laden Ship Possibly Found

August 23, 2026

Andrew Garfield on Secret Instagram, Acting in Siegfried & Roy Series

August 23, 2026
© 2026 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

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