In the latest move in North Korea’s efforts to reinvigorate its moribund economy, the first meeting of the directors of the Korea Taepung International Investment Group took place this week in Pyongyang, according to the Chosun Central News Agency (KCNA).
The Korea Taepung International Investment Group is a new body responsible for “ensuring the induction of investment and finances” for a new “State Development Bank,” which is in turn set to take responsibility for “investment on major projects to be carried out according to the state policy after being equipped with advanced banking rules and the system needed for transactions with international monetary organizations and commercial banks,” the report revealed.
The KCNA report announced that the meeting agenda included the reading of an order from Kim Jong Il in his role as chairman of the National Defense Commission (NDC) titled, “On ensuring the activities of the Korea Taepung International Investment Group,” in addition to, “On establishing the State Development Bank,” and, “On setting up the Coordinating Committee of the Korea Taepung International Investment Group”.
According to the KCNA, the directors of the group elected Kim Yang Gon, sitting chairman of the Korea Asia-Pacific Peace Committee, as director-general of the board and Pak Chol Su, a North Korean residing in China, as permanent deputy director-general and president.
South Korean daily newspaper Chosun Ilbo subsequently claimed that Pak is a “Korean-Chinese businessman who maintains relations with South Korean officials and businessmen.”
The same report also claimed that Jang Sung Taek, director of the Administrative Department of the Workers’ Party and Kim Jong Il’s brother-in-law, is on the board of directors.
