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PYONGYANG : There are opportunities for Singapore in North Korea, as Pyongyang is interested in Singapore investors and the country has many needs.
Foreign Minister George Yeo said that Kaesong Industrial Park, just north of the inter-Korean border, in particular, has "enormous" potential for growth if better relations evolve between North and South Korea.
"Because North Koreans are smart, hardworking, highly disciplined and very competitive in terms of international wage rates, so if the conditions are favourable, I believe Kaesong Industrial Park will take off," said Mr Yeo, who arrived on Saturday.
The park was incorporated into the Free Trade Agreement (FTA) that Singapore signed with South Korea in 2005 and strongly supported by Singapore to be included into the Asean-South Korea FTA.
He met North Korea's Foreign Minister Pak Ui Chun who also expressed interest in sending patients to Singapore from time to time.
"There may be opportunities for us to work together," said Mr Yeo, whose trip was preceeded by a trip in February by Senior Minister Goh Chok Tong to Kaesong.
Mr Yeo, who is accompanied by a business delegation from eight Singapore companies, two of which have been doing business with North Korea, will visit the park and Nampo port.
There have been suggestions about Singapore investing in the as yet uncompleted Ryu Gyong Hotel and Nampo, a port south of Pyongyang. After a visit to the port's West Sea Barrage, Mr Yeo noted that North Korea has "great capabilities" in civil engineering, but he also said that the functions of the market economy is "problematic — because of the external political relations."
According to an AFP report, South Korea's Yonhap news agency said yesterday that Mr Yeo's visit would likely speed up economic cooperation between North Korea and Singapore. Diplomatic ties between the two countries were established in 1967.
Mr Yeo, who will stay in North Korea until Wednesday, said he was impressed by the cleanliness of Pyongyang. Upon his request to attend church, his hosts brought him to a Catholic church yesterday.
Although food is a problem in the country, Mr Yeo said that he did not see anything that "suggested the mass poverty which we read about in reports". He added: "But of course, this is only a very small part of the country we are visiting, so I shouldn't be generalising".
Mr Yeo starts official meetings today. - TODAY/ar
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