NK vows to expand insurance business despite int'l sanctions
SEOUL, July 24 (Yonhap) -- North Korea's state-run Korea National General Insurance Co. has resolved to further expand its business in defiance of U.N. sanctions on the North's nuclear and missile programs, a North Korean daily reported Monday.
The resolve was made at a ceremony to mark the company's 70th anniversary, with its chief Hong Myong-ryong attending, the Rodong Sinmun, the paper of the North's ruling Workers' Party, said.
Pointing out that even the insurance business, directly linked to humanitarianism, is under unfair sanctions, participants vowed to crush the enemies' sanction plots and further develop the business down the road, the paper said.
The North Korean insurer, which had reportedly raked in a considerable amount of foreign currency via reinsurance contracts in Europe, was put on the individual sanctions lists by the EU in April last year and the United States in December as part of punishment against the North's nuclear and missile ambitions.
At that time, the EU claimed that sizable profits, created by the Pyongyang-based insurance company and its branches in Germany and Britain, could be instrumental for the North's nuclear and missile programs.
(END)
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Defense chief says N. Korea's hypersonic missile 'unsuccessful' in last-stage glide flight
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
N. Korea has capability to genetically engineer biological military products: U.S. report
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Defense chief says N. Korea's hypersonic missile 'unsuccessful' in last-stage glide flight
-
Facebook page unveils photos of BTS member V in counter-terrorism unit gear
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
S. Korea not invited to G7 summit meeting this year: sources
-
Yoon's approval rating sinks to lowest point since taking office
-
S. Korea to fully shift to 'endemic' from COVID-19 pandemic starting next month