최근 북한 외국인투자관계법 개정의 과제와 전망

Foreign investment in North Korea has been stagnant, on the whole. In order to achieve economic development through the foreign investment, North Korea made a significant amendment on its foreign investment laws in November and December 2011. This amendment on foreign investment laws has several aspects to consider: the South-North relationship has not been restored yet since 2008; recently, North Korea has experienced power shift to Mr. Kim Jung-Eun; the amendment is a one-time and large-scaled amendment compared to previous ones. In addition, the recent amendment of North Korea on foreign investment laws shows North Korea's efforts: among related laws, consistency is relatively maintained; the forms of statutes are unified; legal terms and vocabularies are more organized and corrected when previous statutes contained errors and unclear expressions. Furthermore, in terms of contents of amendment, North Korea has complemented many systemic devices in laws: administrative regulations has been relaxed, the employment system has become more flexible, mechanism of investment incentive has been strengthened, and criminal sections has been deleted. These changes show the willingness of North Korean authorities to build a strong nation and reduce economic difficulties by attracting foreign investment. In addition, to a limited extent, these changes are expected to attract foreign investors who were hesitant to invest in North Korea. In particular, the introduction of a compensation system for nationalization and a dispute resolution system can be evaluated as meaningful advance, since they are expected to solve disputes properly and efficiently. Contrary to market-based legal norms that allow free trade based upon the principles of private property and private autonomy, however, North Korea still remains bound to socialist-era laws and norms based on state control and intervention largely through nationalization of the production process. This has worked against North Korea’s interest to appeal to foreign investors with vital capital and technology. Furthermore, orchestrating a market-oriented legal structure under the constraints of maintaining a socialist country remains a major challenge. Thus, establishing a legal system geared toward advanced, modern standards of rule of law or order to procure foreign capital in a socialist country cannot be achieved within a short span of time. To strengthen the foreign investment regime to revitalize the economy and promote political stability, North Korea must continue to improve its legal system. First, the structural consistency of the investment legal system and the methods and factors for liberalization must be enhanced. Pertinent laws must also be revised for the economic capacity of foreign investment companies in North Korea to achieve their full potential. Second, certainty and stability in interpreting and applying the law and regulations must be accomplished. Legal terminology and definitions of the foreign investment laws must be firmly established so that they may not be arbitrarily interpreted according to political necessity. In particular, the conditions, effectuation, time periods and statute of limitations must be clarified to prevent any disputes in interpretation, while specific provisions should be provided to enhance the reliability of legal interpretation and the predictability of the application of law. Lastly, North Korea should seek to join leading international organizations and treaties and strive to meet standards and norms of international investment while trying to discharge itself from its various international financial restrictions and political and military restraints.