Deals with the two Koreas

In a show of the growing interest among Chinese businesses, a Chinese transportation company announced it will invest around US$80 million in North Korea, a news report said. According to the Heilongjiang News, the Chinese company will set up a joint venture with a North Korean company to handle passenger, cargo and shipment transportation businesses.

The North Korean and the Chinese companies have reached an agreed to a 15-year term joint venture.  A meeting this December has been set to further iron out the details of the agreement, Heilongjiang News reported.  

Meanwhile, the South Korean government announced on Monday it has cinched a free trade agreement with Singapore at a regional summit meeting in Laos.

The South Korean government mentioned that it is keen on a free trade accord with Singapore as a foundation for similar agreements with other Southeast Asian countries.

Yonhap, the South Korean news agency, said the agreement covers nine broad areas, including the protection of intellectual property rights, and measures dealing with product quality standards. The deal also touches on expanding cooperation in finance, logistics, electronics and other areas.

By Nelson Alcantara
(eTurboNews)

November 30, 2004   Posted in: Korea