Lee & Ko's North Korea Advisory Group ("North Korea Group") advises clients on a wide range of North Korea issues, including foreign investment in North Korea, Inter-Korea Economic Cooperation, regulatory & compliance matters, litigation and government relations. The North Korea Group also conduct researches to develop unification laws and regulations on behalf of the Korean Government.
Lee & Ko's North Korea Group possess extended experience and expertise in the field of Inter-Korea Economic Cooperation and sanctions against North Korea. With respect to Inter-Korea Economic Cooperation matters, the Group provides legal advice to the Korean Government ministries, including the Ministry of Unification ("MOU"), the Ministry of Foreign Affairs ("MOFA") and the Ministry of Justice("MOJ").

In particular, Lee & Ko's North Korea Group regularly provides legal advice to the MOU and its affiliated offices, including the MOU's Policy Planning Division for the Development of South-North Cooperation Districts, the Inter-Korean Border Cooperation Task Force, the South-North General Exchange Division, the Office of the Inter-Korean Dialogue, and the Planning and Coordination Division of the MOU. Recently, Lee & Ko's North Korea Group provided extensive advice on the amendment of the Inter-Korean Exchange and Cooperation Act, upon MOU's request.

In the field of North Korea sanctions regimes, Lee & Ko's North Korea Group maintains the most relevant expertise in this area among law firms in Korea. Our clients include multinational corporations, financial institutions and government organizations, including Korea Electric Power Corporation, Korea Coal Corporation, Woori Bank, Hana Bank and the Korean Broadcasting System. The Group provides legal advice on the sanctions regime of Korea, the United Nations and the United States, and advises our clients on their compliance projects and humanitarian activities in relation to North Korea affairs.

Attorney Hyung Sub Lim (licensed in Korea) and Attorney Maro Kim (licensed in the State of New York, U.S.A.) also published a journal article titled “Legal Review of North Korea Sanctions for Recommencement of Inter-Korea Economic Cooperation“, and Attorney Hyung Sub Lim (licensed in Korea) co-authored a journal article titled “North Korea Sanctions and Prospects of Sanctions Alleviation” with the Korea Institute for National Unification.

Attorney Hyung Sub Lim (licensed in Korea) and Attorney Maro Kim (licensed in the State of New York, U.S.A.) also took initiative to perform the following policy researches on behalf of the Korean Government:

· MOU: Preparation of the U.N/U.S. sanctions guidelines in connection with the resumption of the Kaesong Industrial Complex in North Korea (known as the most successful Inter-Korea Economic Cooperation);

· MOFA: Undertaking policy research regarding Inter-Korea Economic Cooperation and sanctions against North Korea; and

· MOJ: Undertaking policy research on the status of Inter-Korea Economic Cooperation and legal requirements for the termination or suspension of the U.S. sanctions

Recently, Attorney Hyung Sub Lim is involved in a discussion with potential clients residing in Pyeongyang, North Korea, regarding a dispute over about USD 60 million (GBP 45.3 million) worth of inherited property in South Korea.

Interwoven Cooperation with Various Experts - One Stop Service
Lee&Ko has over 40 premier professional teams. Lee&Ko's North Korea · Unification Laws team provides One-Stop-Service through tightly interwoven cooperation among the aforementioned experts.

Key Experts
· U.S. Attorney Soon-Yub Kwon (Team Leader): Member of the Energy Division, Northern Region Economic Cooperation Committee of the President
· Attorney Hyung Sub Lim (Secretary General): Member of the Unification Legislative Affairs Committee of the Ministry of Unification, Member of Legal Affairs Advisory Council of Kaesong Industrial Complex of the Ministry of Unification, and Member of the Seoul Bar Association's Unification Legislative Affairs Special Committee
· Attorney Hun Ko: Infrastructure and Project Finance Specialist
· Attorney Dong Eun Kim: Energy/Resources and Project Finance Specialist
· Attorney Sedong Min: Private Equity Investment and Joint Venture Specialist
· Attorney Eun Woo Lee: Intellectual Property Specialist
· Attorney Tae Ki Ghil: Served as the Vice-Minister of the Ministry of Justice
· Attorney Chemin Rim: Served as the Minister of Health & Welfare, Director of the Ministry of Trade, Industry and Energy
· Attorney Suk Min Kim: Served as Deputy Director (Vice Minister) of the Prime Minister's Office
· U.S. Attorney Maro Kim: North Korea affairs and technology, media and telecommunications

Expertise

1. Special Economic Zones in North Korea

Lee&Ko's North Korea · Unification Laws team has provided legal advice on numerous occasions with respect to the Kaesong Industrial Complex including the implementation of the KEDO project, and the nuclear power plant project for Shinpo area. In addition, Lee&Ko has in-depth experiences in dealing with various legal issues that arose during the economic reforms and opening up process of China and Vietnam via its Chinese and Vietnamese offices.
Based on the experiences described above, Lee&Ko is capable of closely analyzing multifaceted legal risks that may arise during the economic development process of the North Korea Special Economic Zone and proposing alternative solutions tailed to its clients' needs.

Attorney Sedong Min successfully completed numerous M&As and JVC emd projects and is a specialist in various foreign investment activities. He can provide expert advice on issues related to joint ventures in North Korea.
Attorney Hyung Sub Lim has the expertise to deal with issues that may arise in connection with the North Korea Special Economic Zone as an active member of the Unification Legislative Affairs Committee and member of Legal Affairs Advisory Council of Kaesong Industrial Complex of the Ministry of Unification.

2. Infrastructure Projects in North Korea

North Korea's infrastructure projects would be the first industrial area for North Korea's economic reform as this is the foremost key business areas that can be achieved by South and North Korea inter-economic cooperation and foreign investments.

Lee&Ko's SOC team (Team Leader Hun Ko) not only successfully completed the very first domestic SOC project in South Korea, but also has successfully completed most major SOC projects domestically and internationally, including projects in transitional countries such as Kazakhstan, Uzbekistan, Kyrgyzstan and Cambodia.
Lee&Ko's North Korea · Unification Laws team will closely cooperate with Lee&Ko's SOC team to provide legal advice from all necessary aspects for North Korea's infrastructure projects.

3. Resource Development Projects in North Korea

According to the U.S. Geological Survey (USGS) data released in 2016, the size of mineral deposits in North Korea is estimated at approximately KRW 3,200 trillion. North Korea's resource development projects are the areas where foreign investors may be most interested in during North Korea's economic reform.
Lee&Ko's Energy/Resources Team (Attorney Dong Eun Kim as Team Leader) has acted as a leading counsel for various energy resource development projects including oil, gas, coal and copper for an extensive period of time.
As such, Lee&Ko's North Korea · Unification Laws team is more than capable of providing legal advice from various aspects for resource developments in North Korea in conjunction with its Energy/Resources team.

Lee&Ko's North Korea · Unification Laws team and Energy/Resources team are carrying out the Korea-Russia Natural Gas Pipeline Project and will play a leading counsel role for the successful completion of this project.
Attorney Soon-Yub Kwon has the expertise to deal with legal issues that may arise in relation to Northern Region Economy as well as North Korea's resource development with his expertise as the Member of the Energy Division, Northern Region Economic Cooperation Committee of the President.

4. North Korea's Power Projects

In accordance with the recent relationship developments between North and South Korea, there is a growing interest in Northeast Asia Super Grid, which can supply South Korea and Japan with electricity produced from countries with rich energy resources such as Mongolia and Russia through China and North Korea.
From North Korea's prospective, since it has been suffering hampered industrial development from chronic power shortages, such power projects would be one of the North Korea's first area of interests for its economic reform once South-North economic cooperation and foreign investments are pursued.

Lee & Ko's Energy/Resources Team (Dong Eun Kim as Team Leader) has not only acted as a leading counsel on numerous power plant construction (EPC) projects including nuclear power, fire power, and hydropower etc. and operation (O&M) in respect thereof but also acted as a leading counsel on domestic and international green energy projects such as renewable energy, and bio energy etc.
Lee & Ko's North Korea · Unification Laws team, together with Lee & Ko's Energy/Resources Team, would be more than capable of providing multifaceted legal advice for the power projects in North Korea.

5. North Korea Tourism Business

North Korea is optimized for developing tourism business because in addition to having many natural tourist attractions such as Mt. Baekdu and Mt. Myohyang etc, it has already developed Mt. Geumgang.
Recently, North Korea officially announced Wonsan and Mt. Kumgang as the international tourism zone, and extensively developed the Masikryung ski resort and other areas. Therefore, once North Korea undergoes its economic reform, it is highly likely to pursue developing tourism business due to its minimum investment requirement and potential maximum rate of return.

Lee & Ko's North Korea · Unification Laws team has already advised foreign investors with respect to establishing of a joint-stock company in the international tourism zone of Wosan and Mt. Kumgang in 2013. As such, we will be able to provide our clients with requisite advice for developing tourism projects in North Korea.

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Major Cases

1. Special Economic Zones in North Korea

Advised on the overall aspects of the North Korea’s light water nuclear power plant by the Korean Peninsula Energy Development Organization (KEDO) including construction, dismantling and dispute resolution in accordance with the 1994 Geneva Agreed Framework
Advised on the development of Ananti Resort and Golf course located in Kumgangsan tourist area in North Korea from 2000 to 2008
Advised the Ministry of Unification on initial draft for policies (by research on South-North Korea alternative solutions in fields including trademark and patent rights)
Advised foreign investors on the establishment of a joint-stock company in Wonsan and Kumgangsan International Tourism Zone

2. Infrastructure Projects in North Korea

Seoul Outer Ring Highway: represented sponsor and advised on the concession agreement and project financing
Busan New Port Project Financing (1-1 phase, 1-2 phase, 2-4 phase): represented senior lenders (domestic and international) for project financing at each phase
Gimhae Light Rail Investment Project: represented sponsor (Kumho-Bombardier consortium), negotiated and advised on the concession agreement
Artice Global Project PF: Kyrgyzstan-Bishkek City Residential Complex Development Project
Kazakhstan Almaty City Transportation Automatic Payment System Development PF
Uzbekistan Tashkent City JisongKorea Residential Complex Development PF
Cambodia Phnom Penh Monibong Tourism Office Site Development PF
Kazakhstan Astana City Residential Complex Development PF
Kazakhstan Almaty City Appletown Complex Development PF
Almaty City Residential Complex Development PF
Moscow Korea-Russia Business Centre Development PF by Russia Lotte Engineering & Construction
China Beijing Zhongguancun Residential Complex Development PF

3. Resource Development in North Korea

Advising on the Korea-Russia Natural Gas Pipeline Project
Advised investors on coal mine business in Indonesia
Advised investors on copper mine business in Mexico
Advised investors on coal mine business in the Philippines
Advised investors on mining projects with Canadian coal mining company
Advised investors on coal mining business in Kyrgyzstan
Advised investors on long-term purchase contract of iron ore
Advised purchasers on the acquisition of Australian coal mine project

4. North Korea’s Power Projects

Played pivotal role as a leading counsel in representing consortium of Korean companies in a USD 40 billion UAE nuclear power plant project, the largest power plant on a standalone basis in history
Participated in Mt. Taeki Wind Power Project, the largest Wind Power Project in Korea, and Shinan Solar Power Project, the largest solar power project in Korea
Advised investors on Osung LNG Combined Power Plant Project
Advised sponsor in Jordan Al Qatrana Coal-fired Power Plant Project
Advised senior lenders on Gas-fired Power Plant Project (612 MW)
Advised senior lenders on 550 MW Korea Daejeon Bugok LNG Combined Cycle Power Plant Project
Advised senior lenders on Combined Heat and Power Plant (97 MW) Project in Hyundai Petrochemical Complex
Advised senior lenders on Combined Heat and Power Plant (250MW) in Hyundai Hynix Semiconductor Factory
Advised investors on Nepal Hydroelectric Power Plant Project
Advised investors on Turkey Nuclear Power Project
Advised investors on El Salvador Coal Thermal Power Plant (230 MW) Project
Advised investors in Chile Angamos Coal Thermal Power Plant (518MW) Project

5. North Korea Tourism Business

Advised on the development of Ananti resort and golf course located in Mt. Kumgang tourist area from 2006 until 2008
Advised foreign investors on the establishment of a joint-stock company in Wosan and Mt. Kumgang international tourism zone