Samjong KPMG and Taepyungyang Law Firm Publish 'Practical Guide to Investment in North Korea'

[Asia Economy Reporter Minji Lee] Samjong KPMG and the law firm Bae, Kim & Lee LLC announced on the 16th that they have published the "Practical Guide to Investment in North Korea," which objectively and practically provides necessary information for business with North Korea in preparation for the full-scale commencement of inter-Korean economic cooperation. This is the second standalone publication following Samjong KPMG's 2018 release of the "North Korea Business Entry Strategy," and this edition was a collaborative effort between the two firms to enhance legal expertise.

The "Practical Guide to Investment in North Korea" comprehensively covers ▲the current status of North Korea ▲economic and infrastructure conditions ▲legal systems and policies of special economic zones ▲types of companies that can be established and operational methods ▲precedent cases in the event of disputes, making it a practical resource for companies preparing for or conducting investment in North Korea.

The book is divided into five parts. Part 1 objectively analyzes North Korea's current status, economy, and major infrastructure environment to assess the investment climate. Part 2 reviews the legal systems and policies of North Korea and its special economic zones that investors need to know beforehand. Part 3 details the types, procedures, characteristics, and differences of companies that can be established. Part 4 guides the actual procedures for operating a company, divided into real estate, labor, production, trade (export/import), accounting, finance, dissolution, and liquidation. Finally, Part 5 examines laws related to various disputes that most businesspeople worry about and introduces precedent cases such as the Kaesong Industrial Complex.

Kim Kyotae, Chairman of Samjong KPMG, said, “I hope this book will go beyond serving as a guideline for preparing and planning inter-Korean economic cooperation and become a fundamental reference that economic actors on both sides of the border can use together at a practical level to facilitate active business between South and North Korea.”

Kim Sungjin, Representative Attorney of Bae, Kim & Lee LLC, stated, “Despite the realistic risks and uncertainties, North Korea is an indispensable investment destination as a blue ocean that opens new opportunities for our companies. Before full-scale investment in North Korea, it is essential to secure expertise regarding investment-related legal systems, operational realities, and prior experiences.”

Meanwhile, Samjong KPMG established the North Korea Business Support Center in June 2014 to support companies’ inter-Korean economic cooperation and North Korea-related business. The center is staffed with experts in accounting audits, tax advisory, financial advisory, and consulting, serving as a “North Korea Business Advisor” for companies by providing strategies for entering North Korea, business feasibility assessments, financing, development, and investment advice. The North Korea Business Support Center plans to continue publishing standalone books related to “corporate business in North Korea” during the process of inter-Korean economic cooperation. Bae, Kim & Lee LLC has provided specialized legal advisory services in the inter-Korean economic cooperation field since forming its North Korea team in 2002.

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