Business
PUST turns out first undergraduates
Nov 26th
The Pyongyang University of Science and Technology turned out its first round of undergraduates last week, marking a significant achievement for North Korea’s first privately-funded university.
The 100 students received their Bachelors degrees in a ceremony in Pyongyang that was attended by the co-presidents of the university and members of the local diplomatic community.
After graduation, some of the students will stay on at PUST to pursue graduate degrees while some others will leave for other state universities in North Korea. PUST said it also actively sends students overseas to universities in Europe and Asia to pursue short- and long-term study.
Students attend a graduation More >
North Korea proposes expanding work with Russian IT companies
Aug 21st
A North Korean state IT company has approached Russia’s Information and Computer Technologies Industry Association (APKIT) proposing a greater working relationship with Russian IT companies.
The country apparently wants to win business from Russian companies and the Pyongyang Kwangmyong IT Corp. held talks with APKIT in July and August, according to the APKIT.
As part of those talks, the North Korean company proposed a number of areas of collaboration and provided details of the skills possessed by its staff in Pyongyang. Those documents were seen by North Korea Tech.
A portion of a proposal from the Pyongyang Kwangmyong IT Corp. presented to Russia’s APKIT. (Photo: More >
Another look at the Spring Trade Fair
Jun 23rd
When he wasn’t taking stunning panorama photographs around Pyongyang, Singapore-based photographer Aram Pan had time to visit this year’s Pyongyang Spring International Trade Fair (평양봄철국제상품전람회).
The fair was twice as big this year as it had been in 2013 according to state media, and it’s easy to see why when you watch a 3-minute video shot by Pan.
The place is bustling with people browsing and buying all manner of products.
As Pan notes in the opening of the video, all transactions that take place at the event are settled in Chinese Yuan, Euros or U.S. Dollars. In fact, a booth worker can be seen handling U.S. More >
Spring International Trade Fair doubles in size
May 19th
The 17th annual Pyongyang’s Spring International Trade Fair (평양봄철국제상품전람회) was held last week and attracted around 300 companies, according to domestic media reports.
The 2014 fair appears to have significantly grown in size from 140 companies in 2013 and for the first time occupied two halls at the Three-Revolution Exhibition House: the New Technology Innovation Hall and the Heavy Industry Hall.
“The fair is more diverse in style of display than the past, and it witnesses more active consultation among companies for economic and technological exchanges and businesses,” KCNA reported.
The opening of the 17th Pyongyang Spring International Trade Fair
In addition to domestic More >
Orascom has $422 million in cash in North Korea
Dec 16th
Orascom Telecom Media and Technology (OTMT), the Egyptian company that owns a 75 percent stake in North Korea’s on 3G cellular network operator, has apparently been doing very well in the North Korean market.
A recent audit report by Deloitte says the company’s assets in North Korea stand at US$512 million, of which $422 million is sitting in cash. The figures were obtained using the official exchange rate on September 30. Due to currency controls imposed by the government, that cash isn’t readily available to OTMT to withdraw from the country.
“North Korea has implemented currency control restrictions and, in particular, rules More >
DPRK joins maritime satellite organization
Dec 4th
North Korea recently joined an international organization that overseas safety and security satellite communications services for mariners.
The country became the 98th nation to join the International Maritime Satellite Organization (IMSO) when it acceded on October 15, according to a statement from the organization.
The IMSO is charged with overseeing public safety and security services on the Inmarsat series of satellites. Inmarsat operates a global network of satellites primarily aimed at the world’s oceans, which are areas where traditional satellite services don’t have great coverage.
Among the services under the remit of the IMSO is that of the Long Range Identification and Tracking (LRIT) More >
Construction begins on Kaesong tech zone
Nov 15th
North Korea began construction this week on a new industrial zone in Kaesong that it hopes will attract high-tech companies.
The ground-breaking ceremony for the Kaesong Hi-Tech Industrial Park took place on Monday, less than a month after three foreign companies signed a deal with the government to work on design and construction of the park.
North Korea’s state media hasn’t said much about its plans for the zone since it announced it at an international conference on special economic zones that took place in Pyongyang in October.
But this week, state media reported on both the high-tech park and ground breaking.
“The park will have More >
High-tech industrial park planned for Kaesong
Oct 19th
South Korean workers load computers into the back of a truck after returning from the Kaesong Industrial Zone, in this image from KBS TV on April 30, 2013.
The North Korean government appears to be planning a high-tech industrial park close to the current industrial park at Kaesong, on the North-South border.
No official announcement of the project had been made, but on Thursday the state-run Korean Central News Agency said several foreign companies would be investing on such a park.
The companies listed in the brief news article include Singapore’s Jurong Consultants, a building design and management company, and OKP Holdings, a construction More >
Phoenix regains Sinji brand name
Feb 18th
Phoenix Commercial Ventures, one of North Korea’s few domestic/foreign IT joint ventures, has reacquired rights to the Sinji brand, trademark and associated intellectual property rights, it said Monday.
Sinji was launched in 2005 as a software development company as a 50/50 joint venture with the Korea Committee for the Promotion of External Economic Cooperation (CPEEC), which reports to directly to the Cabinet.
Phoenix sold off its half stake in the business in November 2010 to an unnamed buyer.
With today’s announcement, the Sinji brand and associated rights are back in the hands of Phoenix, although the company isn’t saying what it plans to do with them.
“Phoenix Commercial More >
Orascom CEO back in Pyongyang
Oct 6th
The CEO of Egypt’s Orascom Telecom Media and Technology (OTMT), which owns 75 percent of North Korea’s sole 3G cellular operator, is back in Pyongyang, according to KCNA. [Updated. See below]
The North Korean news agency said Naguib Sawiris arrived on October 4 with four colleagues. It provided a couple of pictures of Sawiris and his party at the airport.
From the airport, Sawiris went to the Mansudae Art Studio where he visited the equestrian statues of Kim Il Sung and Kim Jong Il and paid his respects. He laid a bouquet and “paid tribute to the peerlessly great persons,” according to the KCNA report.
Later More >
