{"id":9864,"date":"2011-08-03T23:08:50","date_gmt":"2011-08-03T23:08:50","guid":{"rendered":""},"modified":"2011-08-03T23:08:50","modified_gmt":"2011-08-03T23:08:50","slug":"North-Korea-picks-US-firm-for-resort-tours","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9864","title":{"rendered":"North Korea picks US firm for resort tours"},"content":{"rendered":"

Pyongyang has reached an agreement with a US company to help run tours to a North Korean resort, taking a step further towards scrapping a deal with a South Korean firm, a report said today.<\/strong><\/p>\n

Steve Park, an ethnic Korean living in the United States, was quoted by Yonhap news agency saying his company signed a memorandum of understanding with the North last week on tours to Mount Kumgang.<\/p>\n

Under the deal, Park said, his company will be in charge of marketing and attracting investment and tourists to the resort.<\/strong><\/p>\n

He said he plans to visit North Korea this weekend or next week to discuss details, and was confident of attracting substantial US investment in the business.<\/strong><\/p>\n

“I understand (the North) will also select Japanese and Chinese business partners soon,” said Park, whose company imports a North Korean liquor branded Pyongyang Soju.<\/p>\n

Mount Kumgang, developed by the South’s Hyundai Asan company, opened in 1998 as a symbol of reconciliation between the two Koreas. It once earned the impoverished North tens of millions of dollars a year.<\/p>\n

But Seoul suspended tours by its citizens after a North Korean soldier shot dead a tourist from the South there in July 2008.<\/strong><\/p>\n

The North reacted by announcing that it would deprive Hyundai Asan of its exclusive right to the tour project and seized its properties there, worth tens of millions of dollars.<\/p>\n

Last week it said it would start disposing of South Korean-owned assets.<\/p>\n

Source AFP<\/em>
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