N.Korea 'Seeks German Help to Open Economy'

      January 07, 2013 12:27

      North Korea is preparing to open up its economy with help from German experts, the Frankfurter Allgemeine Zeitung reported Saturday.

      The daily said Pyongyang is secretly seeking advice from German economists and lawyers to come up with new economic policies and attract foreign investment.

      According to the advisers from leading German universities, North Korea is currently devising investment laws and already has finalized a master plan with the goal of opening up by the end of 2013.

      One unnamed economist on the team told the paper that North Korea does not want to follow the Chinese-style model, which draws foreign investors to special economic zones. "Rather, they are interested in the Vietnamese model, in which specific companies were chosen as recipients of investments," the source said.

      But he warned the issue is far from concluded. "The military in North Korea will not want to give up power," he said, adding that resistance from the powerful army will be difficult to overcome.

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