Impossible Due to North Korea Sanctions... Busan Port Authority Pursues Investment in North Korea's Rajin Port with Chinese Company?

Office of Assemblyman Kwon Seong-dong Claims 'Construction Company Secretly Advancing North Korea Najin Port Development Project'
Ministry of Unification "Preliminary Discussions at Project Planning Stage... Further Situation Under Review"

[Asia Economy Reporter Lim Cheol-young] Allegations have emerged that Busan Port Authority has been secretly pursuing a development project for North Korea's Najin Port. It is pointed out that the project was pushed forward despite UN sanctions prohibiting investment in North Korean ports. The Ministry of Unification stated that while there were preliminary-level consultations during the project planning stage, they are currently conducting further verification regarding subsequent developments.

According to an internal document of Busan Port Authority titled "Letter of Intent for Cooperation in the Development and Operation of Najin Port," obtained on the 20th by the office of Kwon Seong-dong, a member of the People Power Party, Busan Port Authority promised cooperation on Najin Port development with the Chinese company Hunchun Geumseong Shipping & Logistics Co., Ltd. (Hunchun Geumseong).

The document, dated August 27, includes a confidentiality clause and states that "Hunchun Geumseong will discuss matters with the Najin City and Najin Port authorities and consult with Busan Port Authority to make mutual decisions."

Hunchun Geumseong is a company that secured a 49-year leasehold on North Korea's Najin Port in October 2018. The office of Representative Kwon explained, "It is known that Busan Port Authority was involved from the start of negotiations to the conclusion of the lease agreement with Hunchun Geumseong," adding, "There are suspicions that North Korea is attempting to contact and receive support from Busan Port Authority through Hunchun Geumseong as an intermediary."

Furthermore, Representative Kwon's office pointed out that although there was contact with North Korean authorities, it was not reported to the Ministry of Unification. The office claimed, "Other internal documents created after the letter of intent show that the cooperation letter was signed on August 27," and "There are allegations that the president of the Port Authority approved this document and committed perjury in National Assembly audit responses to conceal the signing of the letter of intent."

Meanwhile, Busan Port Authority responded to the office by stating, "It is true that discussions on port development with Hunchun Geumseong were held assuming the lifting of sanctions against North Korea, but the letter of intent for cooperation was not signed."

This content was produced with the assistance of AI translation services.