Feb. 24 (Bloomberg) -- A U.K. businessman is seeking to raise $50 million to invest in North Korea, reviving a 2005 plan after the U.S. government removed the communist regime from its list of countries that support terrorism.
ChosunFund Pte. Ltd. will join with North Korean partners for mining and energy projects, Colin McAskill, founder of the Singapore-incorporated fund, said in an interview.
“The country holds huge natural resources but is capital starved and lacks the technology and management skills with which to develop them,” McAskill said.
(I was lead to the article by North Korea Economy Watch: http://www.nkeconwatch.com/2009/02/24/mcaskill-seeing-investors-for-chosun-fund/)
The ChosunFund website has an interesting investor presentation: http://www.pdfdownload.org/pdf2html/pdf2html.php?url=http%3A%2F%2Fwww.chosunfund.com%2Fuploads%2Fedocs%2F00-ChosunFundInvestorPresentationFeb2009.pdf&images=yes