A Port In A Storm: China Leases North Korean Port

Via Yonhap, a report that China has acquired the rights to use another one of North Korea’s northeastern ports.  As the article notes:

“…China has used the North Korean port of Rajin in North Hamgyong Province for commercial trade since 2008. An official at the Tumen city government in northeast China said that a Chinese state company has now also obtained the rights to use the port of Chongjin, about 70 kilometers south of Rajin.

South Korea’s Unification Ministry, which handles North Korea affairs, said it could not immediately confirm the comments by the Chinese official, who spoke on condition of anonymity.

Since North Korean leader Kim Jong-il’s visit to Beijing earlier this year, the two countries have been strengthening their economic cooperation. China is the foremost ally of the cash-strapped North, which is under deepening sanctions for its nuclear testing.

The Chinese official also said in an interview with Yonhap News Agency that North Korea and China have also agreed to allow Chinese companies to use North Korea’s railways from Tumen to Chonjin.

The series of agreements would “facilitate trade from Tumen,” the official said, adding the Chinese company that struck the deal to use the port of Chongjin will use it to carry out shipping agreements with three Chinese companies.



This entry was posted on Sunday, July 25th, 2010 at 6:57 am and is filed under China, North Korea.  You can follow any responses to this entry through the RSS 2.0 feed.  You can leave a response, or trackback from your own site. 

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Wildcats & Black Sheep is a personal interest blog dedicated to the identification and evaluation of maverick investment opportunities arising in frontier - and, what some may consider to be, “rogue” or “black sheep” - markets around the world.

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