North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
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North Korea, Russia Agree to Expand Economic Cooperation

FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)
FILE - Russia's natural resources minister Alexander Kozlov, right, is greeted by Yun Jong Ho, minister of External Economic Relations, as the Russian delegation leaves Pyongyang Airport in Pyongyang, on Nov. 16, 2023. (AP Photo/Jon Chol Jin, File)

North Korea and Russia reached a new agreement for expanding economic cooperation following high-level talks in Pyongyang this week, the North’s state media said Thursday, as they continue to align in the face of their confrontations with Washington.

North Korea’s official Korean Central News Agency didn’t elaborate on the details of the agreement signed Wednesday between its senior trade officials and a Russian delegation led by Alexandr Kozlov, the country’s minister of natural resources and ecology, The Associated Press reported. The Russian news agency Tass on Tuesday said officials following an earlier round of talks agreed to increase the number of charter flights between the countries to promote tourism.

Kozlov, who arrived in North Korea on Sunday, met with North Korean leader Kim Jong Un and his top economic official, Premier Kim Tok Hun, before returning home on Wednesday, KCNA said. During Kozlov’s visit, Russian President Vladimir Putin gifted Pyongyang’s Central Zoo with more than 70 animals, including lions, bears and several species of birds, according to Tass, in another display of the countries’ growing ties.

Kim Jong Un in recent months has prioritized relations with Moscow as he attempts to break out of international isolation and strengthen his footing, actively supporting Putin’s war on Ukraine while portraying the North as a player in a united front against Washington.

Kim has yet to directly acknowledge that he has been providing military equipment and troops to Russia to support its fighting against Ukraine. South Korea’s National Intelligence Service told lawmakers in a closed-door briefing on Wednesday that an estimated 11,000 North Korean soldiers in late October were moved to Russia’s Kursk region, where Ukrainian troops seized parts of its territory this year, following their training in Russia’s northeast.

The spy agency believes the North Korean soldiers were assigned to Russia’s marine and airborne forces units and some of them have already begun fighting alongside the Russians on the frontlines, said Lee Seong Kweun, a lawmaker who attended the meeting. US, South Korean and Ukrainian officials have claimed that the North has also been supplying Russia with artillery systems, missiles and other equipment.

North Korea would be possibly getting anywhere between $320 million to $1.3 billion annually from Russia for sending its troops to Ukraine, considering the scale of the dispatch and the level of payments Russia has been providing to foreign mercenaries, according to a recent study by Lim Soo-ho, a South Korean analyst at an NIS-run think tank.

While that would be meaningful income for North Korea’s crippled and heavily sanctioned economy, it could be lower than the money the North earns from illicit coal exports or supplying military equipment to Russia, Lim said. This suggests that North Korea’s troop dispatch is less about money than acquiring key Russian technologies to further advance its nuclear weapons and missile program, which is a major concern in Seoul, Lim said.

Amid the stalemate in larger nuclear negotiations with Washington, Kim has been dialing up pressure on South Korea, abandoning his country’s long-standing goal of inter-Korean reconciliation and verbally threatening to attack the South with nukes if provoked. He has used Russia’s war on Ukraine as a distraction to accelerate the development of his nuclear-armed military, which now has various nuclear-capable systems targeting South Korea and intercontinental ballistic missiles that can potentially reach the US mainland.



Saudi Investment Minister: Local Content is an Important Enabler for Economic Competitiveness

Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
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Saudi Investment Minister: Local Content is an Important Enabler for Economic Competitiveness

Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA
Saudi Minister of Investment Khalid Al-Falih speaks at the Local Content Forum 2024 held in Riyadh. SPA

Saudi Minister of Investment Khalid Al-Falih stressed that local content is an important enabler for transforming the economy from a rentier system to a prosperous one.

The investment minister added that local content is one of the main pillars of the Kingdom's Vision 2030, viewing it as fuel for the competitiveness of the economy and companies in relevant sectors, including industry, agriculture, energy, municipalities, and tourism.

This came during his participation, along with several other ministers, in a dialogue session entitled "Future Trends for Local Content in Light of the Kingdom's Vision 2030," held on Wednesday in Riyadh as part of the Local Content Forum 2024.

He noted that the vision's goals include developing and diversifying the economy and increasing quality opportunities to ensure sustainability and competitiveness both locally and internationally. He reviewed several successful global experiences in local content that have contributed to increasing the percentage of local content across various sectors and achieving global leadership.

Al-Falih also highlighted the role of the initiatives and programs under the National Investment Strategy, such as special economic zones, regional headquarters, and the Shareek Program, in enabling and motivating investors to invest in the Saudi market and building an attractive investment environment that enhances global quality investments, which will lead to strengthening the national economy and creating more job opportunities.

He mentioned that 95 deals, with an investment value exceeding SAR100 billion, are currently under negotiation through the "GSCRI" initiative.