Singapore businesses eye opportunities in North Korea hoping of change

 Singapore businesses eye opportunities in North Korea hoping of change

(Reuters) – Nearly 20 Singaporean businesses people are likely to visit North Korea for additional details on opportunities there, a professional said on Thursday, pending better ties after Singapore played host to a North Korea-U.S. summit.

Michael Heng, a home based business consultant in Singapore, said she got a party invitation to get a delegation to visit North Korea on June 13, the day after its leader, Kim Jong Un, and U.S. President Mr . trump agreed in Singapore to the office toward the denuclearization in the Korean peninsula.

"We must start readying now, to prepare to rush the instant the doors open," Heng told Reuters.

Heng said he been discussing opportunities with a high-level North Korean contact for 2 months until the summit and the man planned to try to 18 Singaporean businessmen there in September to satisfy authorities and speak with other foreign entrepreneurs there.

Time was an issue, he said.

"We want the first-mover advantage prior to when the place gets swarmed through the Chinese or South Koreans."

Singapore was North Korea's seventh largest trading partner before it implemented U.N. resolutions imposed for that North's defiant nuclear and missile programs greater than 12 years, cutting trade ties and banning transactions which consists of banks.

Singapore also canceled the job passes of North Koreans.

Singapore seemed to be the place to find several North Korean-controlled businesses which was the target of U.N. investigations for possible sanctions violations.

The sanctions live in place with out firm deals might be struck that can be a was so, Heng said.

But meanwhile, Singapore entrepreneurs should get prepared. The trip would focus on specific industries including food retail, textiles and details and communication technology, he said.

"It is a question of when the sanctions will likely be lifted, not if," Heng said.

"When we supply them with a chance, North Korea certainly will start anywhere int he planet."

AscendEconomy

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