Local firms keen to expand into the largely-untapped North Korea market received a boost with the signing of 2 agreements to promote bilateral trade, investment and business exchanges yesterday.
The Investment Guarantee Agreement (IGA) will accord investors in both countries:
- non-discriminatory treatment
- compensation if their investments are confiscated or nationalised
- free transfer of capital and returns from investment
A Memorandum of Understanding (MOU) was also signed between the Singapore Business Federation (SBF) and the North Korea Chamber of Commerce to:
- promote regular exchange of business information and investment proposals
- explore business opportunities and collaboration
- strengthen bilateral economic and trade relations
Sources:
- "Singapore and the Democratic People’s Republic of Korea (DPRK) sign Investment Guarantee Agreement (IGA)" (PDF), Ministry of Trade and Industry (MTI) Press Release, 2 December 2008
- "S'pore, North Korea sign Investment Guarantee Agreement", Channel NewsAsia, 2 December 2008
- "S'pore Business Federation, NKorea sign MOU to spur investments", Channel NewsAsia, 2 December 2008
- "S'pore inks trade deals with N. Korea", The Straits Times, 3 December 2008
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