North Korea invites foreign investors and entrepreneurs to the Rason International Trade Exhibition in the Rason SEZ
FOR IMMEDIATE RELEASE: 2018-07-03
PYONGYANG, North Korea – The Democratic People’s Republic of Korea (North Korea) is inviting international exhibitors and guests to the 8th Rason International Trade Exhibition (RITE) from August 20th to 23rd, 2018 in the Rason Special Economic Zone (SEZ), located in the Northeast corner of the DPRK near its borders with Russia and China.
The annual event, organized by the Rason Exhibition Corporation (REC), has been held every year since 2011 in the SEZ’s second-largest city of Songbong. However, this year, it will take place at the newly constructed Rason International Trade Exhibition Hall in neighboring Rajin.
Official guests can attend the ‘Forum on Investment in the Rason Economic Trade Zone’, a comprehensive overview and discussion covering the current business and investment opportunities in infrastructure, real estate, manufacturing, labor export and other business projects presented by Korean and Chinese stakeholders as well as other investment representatives.
Those interested in attending this year’s RITE should contact Paektu Cultural Exchange (PCE), a Canadian-run non-governmental organization and official partner of the exhibition. PCE is now accepting applications for an extensive six-day delegation from August 18th to 23rd, 2018 including access to the opening ceremony, the investment forum and other VIP events including dinners and meetings. The deadline to register is July 29th, 2018.
“When people think about foreign investment, North Korea is probably one of the last places they might consider. But when you consider how fast the geopolitical environment is improving, Rason and it’s unique border region with both China and Russia offer amazing potential,” said Michael Spavor, director of PCE.
On display will be tens of thousands Korean and foreign-made products including consumer goods, electronics, health products, pharmaceuticals and books, as well as heavy machinery, building and chemical materials, agricultural products, light industrial goods and dry and frozen seafood products – the later one of the region’s top exports.
“I was surprised by the level of access and interaction,” said Steve Finch, an independent risk analyst who attended last year’s exhibition with PCE. “We left with all kinds of DPRK-made products – things like socks, mud-packs, even electronics – and managed to get a real insight into how this unique trade area operates.”
The four-day event attracts more than 100 companies and organizations from the DPRK, China, Russia, Germany, Italy, Japan, the UK and Canada among other countries. In order to facilitate networking and stimulate future business partnerships between local and international companies, all of the exhibitors’ contact information will be published in PCE’s exclusive annual RITE report and booklet which also serves as an extensive contact and networking guide.
Attending the opening ceremonies and official events at last year’s exhibition were Jo Jong-ho, chairman of the Rason City People’s Committee and the organizing committee of RITE, other DPRK government representatives, foreign diplomats, international delegates, exhibitors and local citizens, and foreign businessmen already invested in or trading within the Rason Special Economic Zone.
“Both the DPRK government and the new administration in South Korea are in the process of expanding inter-Korean dialogue and have begun talks on re-starting joint infrastructure and business-related investment projects. As the situation on the Korean peninsula improves, and relations between the DPRK and the US continue to thaw, we can expect some international sanctions to be relaxed. Recent developments have already led to a reduction in political tensions which will hopefully contribute to the improved business climate which in turn is expected to lead to new opportunities in trade, investment and economic development not only in Rason but across the DPRK,” said Spavor.
For further information on how to attend the PCE delegation to the Rason International Trade Exhibition (RITE) from August 20th to 23rd, 2018, please contact Paektu Cultural Exchange at email@example.com or visit www.paektuculturalexchange.org. The deadline to sign up is set for July 29th, 2018 for participants and July 20th, 2018 for exhibitors.
Information for Foreign Observers and Participants:
PCE has organized a six-day trip from August 18th to 23rd, 2018 which offers participants the opportunity to not only attend RITE and the Rason Trade Forum, but also actively engage with foreign experts and DPRK government officials through a series of VIP networking dinners and events, seminars and meetings alongside local entrepreneurs and fellow exhibitors. Participants will also get the chance to visit the region’s top attractions, restaurants featuring local specialties, and to learn more about this destination’s welcoming people and their unique culture.
Information for Foreign Exhibitors:
International guests will be able to rent a booth to exhibit and advertise their products and services. This is a unique opportunity for foreign investors to interact with North Korean businessmen, conduct market research and help promote future business collaborations and innovation. This is also where newly established North Korean companies often make their international debut by advertising, marketing, and displaying their goods.
Interested exhibitors can contact PCE before July 20th, 2018 for more information on booth sales and hiring staff and equipment for the event. Booth rentals at the RITE cost between 600 euros and 8,000 euros for the four-day event, depending on size and positioning.
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Paektu Cultural Exchange (PCE) is a non-profit organization facilitating sustainable cooperation through cross-cultural exchanges involving sport, tourism, business and trade with the DPRK.
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