Pyongyang: A joint venture between the Russian Railways Trading House and the North Korean port Rajin has been registered in Rajin-Sonbong Special Economic Zone (Rason) for 49 years.
The Russian company will have 70% in the venture and the North Korean port 30%.It has been agreed that the Russian Railways Trading House will provide investment, while the North Korean partner will provide property rights for the port's third mooring berth and the adjacent area. The joint venture will build a container terminal in the Rajin seaport with a capacity of up to 400,000 teu a year, providing Russia with a Pacific outlet not encumbered by ice. Investment in modernising the Tumangan-Rajin railway section and building a terminal will be as much as €140mn. This infrastructure will then be used for transit traffic from the Asia-Pacific region via the port of Rajin and on to the Trans-Siberian. South Korea and North Korea have recently established a rail link and many hope that this one day could allow cargoes from Busan to be sent by train all the way to Europe. As it is there is a sailing a week from Busan to Rajin.
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