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PYONGYANG: There is greater scope for further economic cooperation between Singapore and North Korea. Singapore Foreign Minister George Yeo said this on the third day of his visit to North Korea.
Mr Yeo said political relations between Singapore and North Korea are good. Both sides have agreed to establish a consultative mechanism to coordinate and facilitate trade and business opportunities in a 'systematic' way.
Mr Yeo met North Korean Trade Minister Li Ryongnam and the two discussed the importance of a legal framework, including negotiations for an investment guarantee agreement and an avoidance of double taxation treaty.
Mr Yeo said he would pass the message to Singapore's Ministry of Trade and Industry (MTI) and encourage it to conclude negotiations for both agreements. This would help businesses wishing to invest in North Korea.
Singapore has also agreed to provide IT training to North Korea.
Mr Yeo said there will be more opportunities for Singapore businesses when the geo-strategic situation improves in North Korea.
Earlier Monday, the foreign ministries of both countries signed a Memorandum of Understanding to enhance bilateral relations.
Mr Yeo also paid a courtesy call on the President of the Presidium of the Supreme People's Assembly, Mr Kim Jong Nam, who is the number two leader in North Korea.
Mr Yeo also brought a letter and a gift from Singapore President SR Nathan to present to North Korean leader Kim Jong Il. - CNA/ir
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