Despite publicly championing “self-reliance,” North Korea has been quietly courting Chinese investment in its fishing and aquaculture sectors, dispatching officials to China’s border regions in late March to solicit capital and equipment — only to find investors wary after years of
According to a Daily NK source inside North Korea, officials representing provincial fishery stations under the Cabinet’s Ministry of Fisheries traveled to the Dandong and Donggang areas of Liaoning province in late March. There they met with local traders and private investors, pitching joint ventures in fishing and aquaculture. The Ministry of Fisheries oversees the country’s state-run fishing and marine farming enterprises.
The delegation also held separate meetings with companies in Shandong province that deal in vessels and fishing equipment, proposing joint aquaculture and fishing investment arrangements across a wider network of potential partners.
The North Korean side proposed cooperative ventures utilizing fishing grounds in both the East and West Seas, requesting upfront Chinese investment in vessels, equipment, and operating funds. Specifically, officials called for advance investment covering large fishing boats of 7,500 horsepower, fishing nets and other gear, and fuel costs.
The proposed structure follows a classic resource-for-capital formula: North Korea would provide fishing grounds and labor, while the Chinese side would supply investment and equipment. Catch would be transferred directly to Chinese partners at sea, bypassing land-based logistics. The North Korean side also proposed establishing aquaculture farms and transferring related technology, signaling an intent to expand beyond basic fishing into marine farming.
Officials reportedly emphasized that initial investment could be fully recovered through fish and seafood yields, and pressed potential partners to commit.
The response from Chinese traders, companies, and private investors was largely negative. Those who had previously invested in North Korea and lost money were especially cautious.
Some Chinese investors who entered North Korea’s fishing sector between 2003 and 2013 had put in 2 million to 5 million Chinese yuan (roughly $275,000 to $688,000) and were unable to recover their funds, ultimately withdrawing from the ventures.
Even investors who initially turned a profit from North Korea dealings later faced severe disruptions. Many were forced to suspend operations during the COVID-19 period, when North Korea sealed its borders, and some departed without being able to retrieve their assets. Those experiences have cast a long shadow over the current round of negotiations.
“The fishing industry is widely seen as delivering almost no returns compared to other sectors,” the source said. “Investors who previously lost money in North Korea are approaching this particularly cautiously.”
That said, some Chinese investors signaled conditional interest, countering with a demand for direct operational control over any joint venture, rather than the previous model of providing capital and technology while leaving management to the North Korean side. The calculation: hands-on management would reduce exposure to the risks that have burned past investors.
North Korea did not accept that counter-proposal. Talks concluded without a concrete agreement, with both sides deferring to “further discussions at a later date.”
The outreach is consistent with a broader pattern of North Korean attempts to attract foreign private capital that has emerged in recent months. Whether such efforts will eventually extend to other productive sectors remains to be seen.
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