Since Jipyong formed the North Korea Team in 2002, we have been recognized for having the most expertise in North Korean issues, having provided diverse advisory services on all forms of inter-Korean exchange, including economic exchanges and the establishment of legislation on the Kaesong Industrial Complex. With eight overseas offices, Jipyong has advised on the infrastructure, energy, real estate, finance, and joint ventures of transition economies such as China, Vietnam, Cambodia, Laos, and Russia, as well as in countries where economic sanctions have been lifted, such as Myanmar.
Utilizing such expertise in North Korea, the transitional economies and the countries of economic sanctions lifted, Jipyong has transformed the North Korea Team into 'North Korea Investment Consulting Center (NKICC)’ to further support inter-Korean economic cooperation and entry into North Korea by domestic and foreign companies, organizations and institutions. The newly renovated ‘NKICC’ of Jipyong provides consulting and legal advice on investments in North Korea by domestic and foreign companies, organizations, and institutions. In particular, we provide strategic consultation on investment and market entry based on substantial outlook for North Korea going beyond simple legal advice.
Jipyong’s NKICC consists of the secretariat and seven teams covering inter-Korean relations, consulting, infrastructure and real estate, energy and resources, finance, special zone and industry, and cross-border issues. As many as thirty Korean and foreign attorneys render legal services on North Korean investment in various fields such as infrastructure, power generation, resources, special zones, real estate, finance, manufacturing, and service businesses.
NKICC is headed by Managing Partner Sung Taek LIM, who is a leading expert in North Korean laws, and serves as an advisor to the Kaesong Industrial Complex, and a member of a committee under the Ministry of Unification. Mr. Seok Dong KIM serves as a senior advisor to NKICC. He served as the Vice-Minister of Economy and Finance and head of the Financial Services Commission. NKICC’s secretariat is led by Managing Partner Young Tae YANG.
Experts who work for NKICC include Messrs. Cheol JEONG and Ki Seok JANG. Mr. Jeong advised clients on investment in Myanmar for 7 years since the economic sanctions against Myanmar were lifted. Mr. Jang participated in the working-level meetings between the South and North Koreas with regard to operation of the Kaesong Industrial Complex several times when he served as a prosecutor at the Unification Legal Affairs Division of the Ministry of Justice.
With a mission to peace and prosperity on the Korean Peninsula, Jipyong’s NKICC supports domestic and international companies, organizations, and institutions in making investment in and entering North Korea. We also provide substantial and useful support for foreign companies and organizations which have interest in entry into North Korea.
Key Practice Areas Close
- North Korean law, inter-Korean relations regulations, agreements, etc.
- Economic sanctions against North Korea
- Investment in North Korea
- Feasibility study on investment in North Korea
- Kaesong Industrial Complex and Geumgangsan Special Zone
- Infrastructure, including railways, roads, ports, airports, etc.
- Energy and resource development in North Korea
- Joint ventures and co- investment among Russia, China, Japan and the West
- Project financing
- Financial institutions’ entry into North Korea
- International financial organizations’ investment and finance in North Korea
- Development of a special zone and residence
- Real estate development
- IT and pharmacy business
- Manufacturing, distribution, tourism, service businesses, etc.
- Inter-Korean laws
- Advised on incorporation in North Korea and setup of a foreign invested company
- Advised on trade, investment and disputes North Korea and preparation of agreement
- Advised on development of natural resources, real estate and SOC
- Advised on Gaeseong Industrial Complex and Kumgangsan Tourist Region and other special zones
- Advised on inter-Korean exchanges and cooperation, and legislation and government permit
- Study on establishing laws with regard to Gaeseong Industrial Complex at the request of Ministry of Unification
- Issued ‘The Report on North Korean Underground Resources Development Laws’ at the request of Ministry of Unification
- Study on the ways to improve laws related to inter-Korean exchange and cooperation funds and Funding Act, at the request of Ministry of Unification
- Study on the current status and remaining tasks related to inter-Korean agreements for special economic zones in North Korea, at the request of Ministry of Justice
- Study on the ways to deepen and develop laws to support Gaeseong Industrial Complex at the request of Ministry of Unification
- Study on the ways to organize legislations related to the humanitarian support for North Korea at the request of Ministry of Unification
- Study on the problems and improvements for the laws related to Kumgangsan tour business, at the request of Ministry of Unification
- Study on the judicial system for dispute resolution in Gaeseong Industrial Complex, at the request of Ministry of Justice and Ministry of Unification
- Study on the damages incurred by illegal acts between the residents of South Korea and North Korea at the request of Ministry of Justice
- Review of the administrative relief (request or petition) procedures in North Korea, at the request of Ministry of Unification
- Study on the laws in the inter-Korean Special Economic Zone at the request of Ministry of Unification
- Study on the ways to prevent and resolve disputes for the protection of creditors related to Gaeseong Industrial Complex, at the request of Ministry of Unification
- Establishment of the voluntary auction procedure for the real estate located in Gaeseong Industrial Complex, at the request of Ministry of Unification
- Study on the Gaeseong Industrial Complex Support Act and its Enforcement Decree at the request of Ministry of Unification
- Study on the ways to enforce security established on the asset located in Gaeseong Industrial Complex at the request of Ministry of Unification
- Study on the major legislations related to Suzhou Special Economic Zone in China at the request of Ministry of Unification
- Study on the ways to integrate land development laws, administration laws, immigration and residence related laws and education laws of the South and the North, at the request of Ministry of Government Legislation