Home / Business / 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.

North Korea opens first bicycle factory

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

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