North Korea Leases Its Valuable Squid Beds To China

shrimp fish

In yet another international trade coup, China has sealed the rights to fish in North Korea’s rich squid beds, sources tell Joongang Daily:

About 250 Chinese boats are operating near Najin and Chongjin, two port cities in North Hamgyong Province, a northeast coastal area. It is the first time such a large number of Chinese crafts have been allowed to operate in North Korea’s seas, he said.

North Korea is collecting about 250,000 yuan ($36,913) for each boat for 2010, meaning the impoverished country is expected to earn about 62.5 million yuan in the deal.

As with most of China’s deals, both sides win. North Korea needs cash and lacks the necessary infrastructure to reap its squid beds. China has cash and wants to keep down squid prices, a source tell Joongang Daily.

But if this deal looks especially good for China, call it payback for restraining the UN in the warship sinking investigation.

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