Samsung: Pack your $#!&… we’re going to North Korea
That’s right… Jay Y. Lee is headed to North Korea with other business leaders and the South Korean President Moon Jae-in Tuesday. And today marks the first trip to North Korea by a South Korean president in over ten years. The goal? To improve relations, connect the two economies, and gain access to valuable trade and infrastructure links.
Here’s how Samsung could benefit… obviously, there is an untapped market in North Korea; but it’s not just smartphones because the company also does engineering, construction, and shipbuilding. However, Lee is more or less along for the ride for now and is going out of a perceived obligation rather than a business opportunity.
Here is what the future holds… Samsung Securities, the company’s investment arm, is analyzing the potential for future business in North Korea. North Korea’s economy includes 25 million people, cheap labor, good location, and untapped natural resources. These attributes are all perfect for business, but all of that is easier said than done and any company has their work cut out for them dealing with the “ruling regime.” Kim Jong Un doesn’t like many people – except Dennis Rodman. He loves Dennis Rodman.