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N Korea leases out its squid beds to China: Report

Last Updated: Thursday, July 15, 2010 - 16:30

Seoul: North Korea is allowing Chinese fishermen into its territorial waters on the East Sea, also known as the Sea of Japan, in exchange for cash, a South Korean daily reported on Thursday.

The North Korean and Chinese governments recently agreed to allow squid boats from China to fish in North Korea`s waters, the JoongAng Daily quoted an unidentified official as saying.

"Many of the North`s fishing boats are extremely outdated and are experiencing intense fuel oil shortages, while squid prices in China have gone up due to supply shortages," the official said. "So each side`s interests have been satisfied."

About 250 Chinese boats are operating near Najin and Chongjin, two port cities in North Hamgyong Province, a northeast coastal area.

It is the first time such a large number of Chinese vessels have been allowed to operate in North Korea`s seas, the official said in the report.

North Korea is collecting about USD 36,913 for each boat for 2010, meaning the impoverished country is expected to earn about CNY 62.5 million in the deal.

The Chinese fishing boats operating in the North`s sea mostly come from Dalian and Dandong, two ports in China`s northeastern coastal region.


First Published: Thursday, July 15, 2010 - 16:30
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