BKL’s North Korea Practice Group (the “Group”) provides specialized legal advisory services on not only   unification and inter-Korean relations at the level of policy and legal analysis but also the promotion of large-scale inter-Korean economic cooperation projects, individual Korean companies’ joint management and joint ventures with their North Korean counterparts, independent investment projects, inter-Korean trade, inter-Korean toll manufacturing businesses, inter-Korean tourism and cultural cooperation projects, inter-Korean economic cooperation insurance, and sanctions against North Korea. The Group has built up a strong track record in providing advisory and research services to clients within and outside Korea for over 20 years since it was launched for the first time among Korean law firms. The Group, led by Wook Yoo, widely recognized for his expertise in North Korean laws and regulations and Yongman Bae who has been advising on inter-Korean relations for over 15 years provides comprehensive legal advisory services on North Korean law as well as the practice and policies of the Korean government.

Advisory Services on Unification Issues and Laws on Inter-Korean Relations

The Group advises the Korean government, public and private institutions, interest groups and individuals on the laws and regulations governing inter-Korean relations and unification issues, spanning the Constitution, the Development of Inter-Korean Relations Act, the Inter-Korean Exchange and Cooperation Act, the North Korean Human Rights Act, the North Korean Refugees Protection and Settlement Support Act, and the National Security Act. Further, the Group also provides specialized research and legal advisory services with respect to the consolidation of inter-Korean laws and regulations in furtherance of closer inter-Korean relations.

Large-Scale Infrastructure Projects for Inter-Korean Economic Cooperation to Realize New Economic Map Initiative

In order to facilitate and promote large-scale infrastructure projects as part of inter-Korean economic cooperation, it is essential to ensure that both South and North Koreas implement a robust legal infrastructure, establish joint management agencies or jointly managed companies, create large-scale special economic zones, and modernize railway and road systems connecting the two Koreas. The Group has a strong track record of advising the Korean government and private businesses in connection with the Gaeseong Industrial Complex and tourism projects at Mount Kumgang. While the new economic map of the Korean Peninsula poses new challenges, such as the creation of inter-Korean special economic zones, the formation of special tourist zones, the connection of railroads and roads, and the cooperation between ports, the Group experts are committed to providing legal advisory services to the Korean government, public institutions and enterprises to tackle such challenges. 

Business Projects in North Korea such as the Establishment of Joint Management Agencies or Jointly Managed Companies with North Korean Entities and Independent Investment in North Korea

Inter-Korean economic cooperation projects by way of establishing joint management or joint ventures with a North Korean entity, and making independent investment in North Korea or establishing an entity in any form in North Korea require compliance with the laws and regulations of both South and North Koreas governing incorporation procedures. In addition, even after the incorporation of legal entities, legal analysis is required in connection with the composition and operation of the board of directors, the repatriation of operating profits from the North to the South, and tax issues. The Group provides specialized legal advisory services to domestic and foreign entities which are investing or plan to invest in North Korea in such forms as a joint management or joint venture with a North Korean entity or independent investment in North Korea.

Private Inter-Korean Cooperation Projects such as Inter-Korean Trade, Inter-Korean Toll Manufacturing Businesses, Inter-Korean Tourism and Cultural Cooperation Projects

With respect to private inter-Korean cooperation projects which are pursued and promoted in various fields under the Inter-Korean Exchange and Cooperation Act and the Inter-Korean Basic Agreement, the Group provides comprehensive legal advisory services throughout the entire business process ranging from project planning stages to negotiations with North Korean authorities, the acquisition of government approvals and permission and the completion of the projects. 

Inter-Korean Economic Cooperation Insurance and Sanctions against North Korea

The Inter-Korean Cooperation Fund Act established the inter-Korean economic cooperation insurance system as a safety valve in inter-Korean economic cooperation. Enterprises and individuals that intend to pursue inter-Korean economic cooperation projects even under circumstances where the UN and individual countries maintain their sanctions against North Korea must closely look into whether their planned projects and the North Korean counterparts are subject to such sanctions. The Group provides in-depth legal advisory services on various issues arising out of the inter-Korean economic cooperation insurance and sanctions against North Korea.