N.Korea Wins $1.3 Billion Investment Pledges from China

      October 22, 2014 10:18

      North Korea signed US$1.3 billion worth of investment deals with Chinese businesses at a trade fair in the Chinese border city of Dandong last week.

      China's Xinhua news agency on Monday quoted one of the organizers of the trade fair as saying, "North Korean and Chinese businesses signed letters of intent covering 60 trade and investment pacts amounting to $1.26 billion.

      "Another eight letters of intent were signed between North Korea and businesses in other countries involving $11.6 million worth of trade and $100 million worth of investments."

      Around 500 North Korean officials attended the trade fair, including those in charge of economic development.

      But the amount of deals struck was smaller than last year (93 deals worth $1.6 billion), due to deteriorating relations between Beijing and Pyongyang.

      Skeptics also point out there is no guarantee that the letters of intent will materialize into concrete investments.

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