SEOUL, Aug. 11 (Korea Bizwire) – North Korea has sold fishing rights in the East Sea to China, in addition to the ones it sold in the Yellow Sea, a government source said Thursday.
The source from the intelligence agency said US$75 million coming from these fishing license sales annually goes to North Korean leader Kim Jong-un.
“It has been confirmed that North Korea has sold its fishing rights in the East Sea to China, in addition to the Yellow Sea, to earn foreign currency,” the source said. “Our analysis shows the North has sold fishing rights in waters above the Northern Limit Line (NLL) in the East Sea.”
It was previously reported that North Korea had sold fishing rights to China in its waters above the NLL in the Yellow Sea, but this is the first confirmation that the communist state has sold fishing licenses in the East Sea.
“North Korea is selling fishing licenses through an intermediary trade agency,” the source said. “But it looks like North Korea plans to manage fishing rights sales directly.”
The source said some 2,500 Chinese fishing boats will be in the East Sea and the Yellow Sea waters.
North Korea’s earnings from fishing right sales are more than double than what the National Intelligence Service (NIS) reported to the National Assembly’s Intelligence Committee last month. The NIS then said North Korea sold $30 million worth of fishing rights in the Yellow Sea to more than a 1,500 Chinese vessels.