Thursday, 18th January 2007 (4377 views)

North Korea is keen to maintain its international gold businesses in a bid to counteract the West's sanctions following talk of continued nuclear weapons construction in the country.

Business connections in Thailand enabled North Korea to export 500 kilograms of gold to the country in April 2006 and this shipment had a total value of 398 million baht (£5,725,440).

In May too, an equally large shipment was taken to Thai shores as well as some ten tonnes of silver which has become a regular export for North Korea.

Pyongyang has turned to this ingenious method of maintaining its place in the global economy and has managed to deliver a large portion of its total exports to Thailand despite US sanctions.

In terms of legality; such exports are permitted on the condition that sale income does not directly contribute to the development of a nuclear weapon programme.

This spells good news for North Korea whose gold resources are largely unexplored despite being numerous, according to scientists.

On the other hand, the sanctions ban sales of luxury items by the North Koreans so the gold jewellery must continue to be manufactured within Thailand.

 

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