Investment in North Korean Mobile Network Suspended
Published on: 6th Dec 2013
Egypt's Global Telecom Holding (formerly Orascom Telecom) has reportedly halted investments in its North Korean mobile network.
The company has invested around USD200 million building the mobile network, but has been reportedly blocked from repatriating any of its profits.
Naguib Sawiris was quoted as saying he would make no more investment in North Korea until the company sees some returns.
Global Telecom Holding has a 75:25 joint venture in the country to build a 3G network in association with North Korea's postal service. The mobile service is heavily restricted and locals cannot use the mobile internet service to access foreign websites.
The mobile network, braded as KoryoLink is said to be making profits, but the authorities have blocked remittances back to Egypt. The network is said to have signed up over 2 million customers, out of a population of 24 million.
On the web: Chosun Ilbo