North Korea opens first bicycle factory

This could have been a 'from swords to ploughshares' story but North Korea isn't totally scrapping its nuclear programme to make bikes. The factory is majority Chinese-owned. There's no chance the factory will be exporting its wares. Yet.
Author:
Publish date:

According to China's Xinhua news agency, North Korea today started producing its first home-grown bicycles.

Until now the country had relied on imports from China and Japan. North Koreans buy 7 million bicycles a year.

The new factory will have an annual production of up to 300 000.

Chinese investors own a 51 percent stake in the $650,000 Pyongyang factory, with North Korea holding the rest.

North Korea promised in late September to scrap its nuclear programmes in return for aid, security guarantees and increased diplomatic recognition. A day later the deal looked to be off as North Korea asked for civilian nuclear reactors to be excluded from the deal.

Source: Reuters

Featured Jobs

LTR coral logo 620x349

Local Project Manager (x3 roles)

Love to Ride I North East Lincolnshire, Slough, Southampton I Salary: £32,500 equivalent (PT, temporary) I Date Published Monday 7th January 2019

Logo stacked

Head of Marketing

Brompton I West London I Salary Competitive I Date Published Wednesday 9th January 2019

BE2016_googlelogo

Senior Sales Executive

BikeExchange I UK Nationwide I Salary TBC Depending on level of experience I Date published Wednesday 16th January 2019

cls logo_jpg 600x348

Bike Mechanic

Club La Santa I Lanzarote, Canary Islands I Competitive Salary & Benefits I Date Published Monday 7th January 2019