Despite North Korea having lots of space when it comes to development and digital innovations, businesses have to be aware of their threats when they are looking for opportunities.
North Korea maintains its economy as they carry harsh burdens of international sanctions for a very long time. Pretty much all of the sanctions on North Korea are implemented because of North Korean political position and are mostly influenced by the UN and the US.
Sanctions applied by the UN concerning primarily economic cooperation. Here is a list of some of the prohibited activities:
▪Opening bank branches and bank accounts in North Korea for the EU members.
▪Importing pretty much all of the luxurious goods.
▪Trade machinery from military equipment to industrial machinery and vehicles.
▪Exporting minerals, electrical equipment, food, textiles and wood.
▪Cooperating in terms of scientific and technical activities between the Democratic People's Republic of Korea (DPRK) and the United Nations (UN).
The primary points of the US sanctions are contained in the Summary of the North Korea Sanctions and Policy Enhancement Act.
Any property belonging to the Korean Workers’ party or the North Korean government can be seized by the US government if it appears to be under their jurisdiction;
Obligated sanctions for entities involving in North Korea’s metal or mineral trade;
Since March 2018 international relations between the DPRK and the Republic of Korea got the better meaning that we can expect more economic activity than before between the states. Despite sanctions on North Korea still becomes active, the fact that the country has begun to develop its relationships with South Korea means that mutual economic activities may happen with more and more states and North Korea is becoming more appealing for entrepreneurs.
