Word: port
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...stopped wishing and started doing. In May, it entered a landmark pact with Switzerland, which, thanks to its reputation for financial discretion, has long been a favorite stopover for thieves moving hot goods onto the global black market. Swiss law allows shipments to sit in its free-port zone for up to five years without going through customs. But now, with this agreement in hand, if Greek authorities suspect a consignment may contain stolen art, they can ask the Swiss police to search it. Italy is looking to seal a similar deal with Switzerland...
GERALD WHITE, PORT ORCHARD, WASH...
...firms. "They needed foreigners for the technology," notes Yoon, "but now they have the technology necessary to process natural resources themselves." North Korea, on the other hand, is virgin economic territory desperate for capital. "They need to repair the railroads and roads, as well as container berths at the port. And power is the really big issue." This, says Yoon, is where the South Korean government under Lee Myung Bak could come in. "We've had discussions with the government; the investment needed [for infrastructure] is of the size that only with government involvement could it be done...
...take the risk. Four years ago, Wonjin Worldwide Corp., a Seoul-based mining company, formed a joint venture to mine and smelt Danchon's graphite, a heat-resistant material used in steelmaking and other industrial applications. The first shipment of 200 tons of graphite arrived in the South's port of Inchon in mid-December, and despite the problems in the North, Wonjin Worldwide now wants to invest more, says Yoon Byung Roh, the company's president. Like other mining-company executives, Yoon knows that North Korea and China between them have roughly 80% of the world's supply...
...Hoping to capitalize on the momentum at Kaesong, the Roh government is also pushing an ambitious plan to create a second special economic zone (SEZ) in and around the West Sea port city of Haeju. One idea floated was to build a man-made island to house factories in the West Sea. But Lee Myung Bak's transition team has all but ruled out any quick movement on a West Sea project, mainly because the geopolitics of the region are still deeply contentious. The maritime border between the two countries is contested - the North and South Korean navies have skirmished...