Daedong Credit Bank
The Daedong Credit Bank is a joint venture retail bank based in Pyongyang. It was established in 1995 as “Peregrine Daesong Development Bank”. The Bank underwent a change of name and foreign ownership in 2000. It proudly celebrated its tenth anniversary in 2005… Click here for more.
Hana Electronics JVC
Hana was established in May 2003 a year later it began manufacturing and selling DVD and VCD players as well as pressing and selling CDs. Today Hana have established a distribution network throughout the major cities in the DPRK. Whilst they manufactured and marketed CD’s, they had an exclusive long term contract with the Mansudae Arts Centre, which belongs to the Ministry of Culture, one of the partners in the JV, for 300 works including; movies, karaoke and other music… Click here for more.
Sinji (pronounced “shinjee”) was a lieutenant of Tangun, the first king of Korea in around 3,000 BC, and his mission was to relay communications between the king and his people. In the absence of a written script, he invented one. Sinji dates from ancient history, all Koreans will recognise the name. Sinji symbolises the human intellectual, and he can be considered to be the original Korean IT developer… Click here for more.
Soybean Oil Project
This is a joint venture, and is still in the process of construction. It involves the finance and construction of a combined soybean oil refinery and bean crushing plant near Nampo (one of the DPRK’s main ports)… Click here for more.
Projects are given the following privileges according to:
-The law on foreign investment
-The law on equity joint venture
-The law on contractual joint venture of the DPRK
Specifically, investors will be accorded generous tax concessions:
- A reduced rate of tax of 10% (standard rate – 25%)
- An additional tax exemption – whereby the investor is fully exempt from paying tax from the year of investment for 3 years, and 50% exempt for the subsequent 2 years
- Any tax paid will be returned, if a subsequent investment is made