April 2011 Financial Sector Post-Trip Report

We completed a round of consultations with the financial sector and investment policy sector in North Korea in April. We have attached non-sensitive and non-confidential details from the trip below. We do not vouch for the veracity of comments of participants, and details are given as described to us by relevant members of the respective organizations.

For our post-trip report on the financial sector and investment committees, please see "April 2011 Financial Sector Consultations."

Sections:

1. [REMOVED] 2. [REMOVED] 3. Daesong Bank 4. Kim Il Sung University Financial College 5. Foreign Trade Bank 6. Joint Venture & Investment Commission 7. Daepung Group & National Development Bank

Summary of 2010 Programs

Core Programs

Workshops in Pyongyang covering economics strategy, financial sector policy and trade finance for Kim Il Sung University, State Development Bank, Daesong and Koryo Bank

Delivered customized business and economics articles to selected Ministries & North Korean partners

Provided internships in Europe in a legal firm and a business consulting firm for North Korean student

Non-Core Programs

Delivered report on development of economic institutions we interacted with to Choson Exchange partners and advisors

8 Presentations at universities and conferences

Briefings to interested parties and partners to Choson Exchange

OpenCourseWare and Wikibooks were showcased at the Pyongyang International Science & Trade Book Fair - Chairman of the Supreme People’s Assembly arranged for us to meet the President of Kim Chaek University to share materials

Brief Financial Statement

Our team contributed US$126,000 of pro bono work in 2010.* In addition, volunteers and team members contributed a total of US$22,500 in cash donations for logistical expenses and course materials.

*Based on income forgone while working on Choson Exchange work

Post-Lecture Brief on North Korea's Economy/Business Environment

This is our report from our lecture series on Finance and Economic Strategy in Pyongyang. It captures things we learn that will enable us to provide better training, and helps to inform readers on North Korea's business and economic environment. Highlights are below. Need and demand for skills upgrading | Lecturers agreed that there is a strong need for training as participants' financial knowledge and skills, with a few exceptions, are shallow. This is also reinforced by our survey findings. More importantly, participants expressed strong interest in further training programs, which is not always the case in North Korea.

Managing Knowledge-Based Economies & FDI of key interest | Based on discussions with participants, knowledge-based economies and the management of FDI inflows are of great interest to our audience.

Newly-formed economic institution non-operational as yet | An institution meant to play a key role in economic development and was formed in recent years have not yet become operational.