Formosa eyes North Korea

TAIPEI: Formosa Plastics Group Chairman Y. C. Wang is visiting North Korea seeking investment opportunities in its steel industry, it was reported here Thursday.

The petrochemical magnet flew to Pyongyang Wednesday, but his itinerary was not clear, the Economic Daily News said.

Company officials declined to comment on the trip.

Formosa was considering building steel mills in North Korea taking advantage of the country's ample mineral resources and advanced heavy industries, the paper said.

Taiwan has allowed direct investment in North Korea since 1991. Bilateral trade soared 60 percent to US$20.3 million last year, from the year earlier, with Taiwan enjoying a surplus of $12.9 million. -- AFP