BlackRain
06-13-2005, 11:18 AM
N. Korea: No.1 Debtor Country to Sweden
Chang Yong-hoon
Yonhap News, Seoul -- N. Korea's debt to Sweden amounts to 2.167 billion Krona (USD: 295 million dollars), making it the top debtor nation to Sweden.
On June 11th, KOTRA(note: a trade promotion outfit of S. Korean government) quoted the report of Swedish Credit Guarantee Agency, named 'Foreign Debt Situations,' N. Korean debts are due to their importing of passenger cars from Volvo and construction & mining equipment from Atlas Copco in 1970's.
N. Korea ordered 600 Volvo passenger cars in 1973 and imported them the next year. At one time, N. Korea was the largest market for Volvo passenger cars in Asia.
There are hundreds of Volvo "model 144" taxis still running in Pyongyang.
KOTRA, quoting comments from a Swedish official, said, "(Sweden) does not have high hope of recovering debts from N. Korea now."
The second and the third largest debtor nations to Sweden are Iraq and Peru.
http://www.yonhapnews.co.kr/news/20050611/020400000020050611094131K5.html
Chang Yong-hoon
Yonhap News, Seoul -- N. Korea's debt to Sweden amounts to 2.167 billion Krona (USD: 295 million dollars), making it the top debtor nation to Sweden.
On June 11th, KOTRA(note: a trade promotion outfit of S. Korean government) quoted the report of Swedish Credit Guarantee Agency, named 'Foreign Debt Situations,' N. Korean debts are due to their importing of passenger cars from Volvo and construction & mining equipment from Atlas Copco in 1970's.
N. Korea ordered 600 Volvo passenger cars in 1973 and imported them the next year. At one time, N. Korea was the largest market for Volvo passenger cars in Asia.
There are hundreds of Volvo "model 144" taxis still running in Pyongyang.
KOTRA, quoting comments from a Swedish official, said, "(Sweden) does not have high hope of recovering debts from N. Korea now."
The second and the third largest debtor nations to Sweden are Iraq and Peru.
http://www.yonhapnews.co.kr/news/20050611/020400000020050611094131K5.html