Ecommerce Comes to North Korea

Ecommerce Comes to North Korea

North Korea’s official newspaper Tuesday boasted about the growing popularity of mobile shopping among its citizens by drawing attention to one of its e-commerce portal sites.

The Rodong Sinmun, the organ of the North’s ruling party, reported on the wider use of the Manmulsang website, a mobile shopping portal, launched by North Korea’s Yonpung Commercial Information Technology Company in late 2016.

“There have been homepages launched using state intranet and mobile communications networks but among other things, the Manmulsang is getting more attention than others,” the newspaper said.

The paper said that the website has been appealing to more people as it allows them to shop anywhere and anytime via their smart phones.

It emphasized that the website has launched new features such as an online flight ticket booking service, which apparently points to a growing demand for air travel in North Korea.

It is presumed that around 6 million mobile phones are being used in North Korea, which represents 24 percent of the communist state’s 25 million population.

Mobile communications in North Korea have been available since 2008, when Egyptian tech company Orascom Telecom launched Koryolink, a joint venture with the North’s Korea Post and Telecommunications Corp.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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