Title XI Funding
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Marine Log

May 16, 2007

DSME may produce ship blocks in North Korea

Daewoo Shipbuilding & Marine Engineering (DSME), the world's second-largest shipbuilder, wants to produce ship blocks in North Korea. according to a report in a Korean publication, The Hankyoreh.

"If all conditions are met and everyone involved can benefit, we have no reason not to initiate such a business, even given that it would be in North Korea," DSME's CEO Nam Sang-tae is reported as saying at a symposium for inter-Korean economic cooperation promotion held in Pyongyang, North Korea. Nam added that DSME currently runs an operation to produce ship blocks in China.

In response, Cha Sun-mo, a North Korean official in charge of that country's land and maritime transportation, said, "North Korea has no difference in business conditions compared with other countries. We will help fuel economic activity, announced as a plan during the first-ever summit between the two Koreas in 2000."

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