'Jim Rogers can be used to restart inter-Korean projects'

By Kim Yoo-chul

From the beginning of his presidency, President Moon Jae-in has consistently embraced the use of “engagement-driven” rapprochement to improve inter-Korean relations with a promise to achieve North Korea's complete denuclearization.

As a backdoor approach, President Moon should utilize Singapore-based American investor Jim Rogers to help North Korean leader Kim Jong-un introduce a market economy, according to a former top aide of the late Hyundai Group Founder Chung Joo-young.

“It doesn't matter where Jim Rogers starts in North Korea. But what matters is earning profits from investments in the North. There are lots of large uncertainties remaining for businesses. But if Rogers has success as a foreign investor, that will not only motivate potential foreign investors but also have an impact on lowering the risk of overplaying inter-Korean rapprochement,” J.W. Park said. Hyundai has exclusive rights to operate businesses in North Korea.

Park, also a chairman of May International Project Consulting, said Chung's decision to send cattle to the North in 1998 in what was dubbed “Operation Rawhide” was a case of reducing long-term risks without additional costs.

“Given the North Korean leader's announcement to focus extensively on economic development rather than developing nuclear weapons, Rogers could play a role as a linchpin on the business front to pass on messages both from the United States and South Korea to the North Korean authorities, unofficially,” he said.

“North Korea won't apply any discriminatory measures against South Korean investors and companies if Rogers writes success stories in specific business areas such as those in raw materials and infrastructure. I believe this is what Kim Jong-un wants, as well,” he added.

U.S. President Donald Trump earlier said North Korea has great economic potential. Rogers also said many times that he wants to invest in North Korea as he believes it will be the “most exciting country in the world for the next decade or two.” Rogers is an outside director of Ananti, a South Korean resort developer that has a golf course and hot springs at Mount Geumgang in the North.

North Korea is said to have promised to protect the rights of foreign investors in accordance with laws and seeks to attract people to invest in infrastructure projects and economic development zones, a North Korea-based law firm said during a seminar in Beijing, April 1, held by the Beijing-based Deheng Law Group.