Harvard Case - Going Rogue: Choson Exchange in North Korea
"Going Rogue: Choson Exchange in North Korea" Harvard business case study is written by Sophus A. Reinert, Dawn Lau, Amy MacBeath. It deals with the challenges in the field of Business & Government Relations. The case study is 40 page(s) long and it was first published on : Oct 12, 2016
At Fern Fort University, we recommend that Choson Exchange carefully navigate the complex political and economic landscape of North Korea. This requires a nuanced understanding of the country's unique environment, coupled with a strong commitment to corporate social responsibility (CSR) and risk management. Choson Exchange should prioritize building trust with the North Korean government and stakeholders while simultaneously advocating for positive change through business diplomacy and sustainable business practices. This approach can foster economic growth and contribute to broader societal improvement, while mitigating potential risks associated with operating in such a volatile environment.
2. Background
Choson Exchange is a joint venture between a North Korean state-owned enterprise and a South Korean company, seeking to establish a free trade zone in the North. This venture presents a unique opportunity for economic development in North Korea, but it also carries significant risks. The case study highlights the challenges of navigating a highly centralized and opaque political system, the need for careful consideration of ethical implications, and the potential for unforeseen consequences.
The main protagonists are:
- Kim Jong-un: The Supreme Leader of North Korea, whose decisions and policies heavily influence the business environment.
- Choe Ryong-hae: A high-ranking official in the North Korean government, responsible for overseeing the free trade zone project.
- Kim Dong-chul: The CEO of the South Korean company involved in the joint venture, facing the challenge of balancing business objectives with ethical considerations.
3. Analysis of the Case Study
This case study can be analyzed through the lens of international business, political risk analysis, and corporate social responsibility.
International Business:
- Emerging Markets: North Korea represents a highly complex and volatile emerging market. Choson Exchange needs to understand the specific economic and political factors influencing this market, including the government's role in the economy, the level of infrastructure development, and the potential for regulatory changes.
- Foreign Investment: The case study highlights the challenges of attracting foreign investment in a country with a closed economy and a history of political instability. Choson Exchange needs to carefully consider the legal framework for foreign investment, the potential for expropriation, and the risks associated with operating in a politically sensitive environment.
- Globalization: The venture represents a potential step towards globalization for North Korea. However, the success of this venture will depend on the government's willingness to embrace globalization and the ability of Choson Exchange to navigate the complexities of international business relations.
Political Risk Analysis:
- Government Policy and Regulation: The North Korean government's policies and regulations are opaque and subject to change without notice. Choson Exchange needs to carefully monitor the political landscape and adapt its strategy accordingly.
- Politics: The political situation in North Korea is highly volatile, with potential for sudden shifts in power and policy. Choson Exchange needs to develop a strategy for managing political risk, including building relationships with key government officials and understanding the potential impact of political events.
- Business and Government Relations: Choson Exchange needs to cultivate strong relationships with the North Korean government to secure necessary approvals, navigate bureaucratic hurdles, and ensure a favorable operating environment.
Corporate Social Responsibility:
- Economic Growth: Choson Exchange has the potential to contribute to economic growth in North Korea, but it needs to ensure that this growth is sustainable and benefits the local population.
- Developing Countries: The venture presents an opportunity to improve the lives of people in a developing country. Choson Exchange needs to consider the ethical implications of its operations and ensure that it is acting in a responsible and sustainable manner.
- Environmental Sustainability: Choson Exchange should prioritize environmental sustainability in its operations, considering the potential impact of its activities on the local environment and implementing measures to mitigate negative impacts.
4. Recommendations
- Develop a comprehensive political risk analysis framework: Choson Exchange should conduct a thorough assessment of the political risks associated with operating in North Korea, considering factors such as government stability, regulatory environment, and potential for political interference. This analysis should be regularly updated to account for changes in the political landscape.
- Prioritize building strong relationships with the North Korean government: Choson Exchange should engage in business diplomacy to cultivate trust and understanding with key government officials. This can include regular meetings, open communication, and demonstrating a commitment to working collaboratively towards shared goals.
- Implement a robust corporate social responsibility strategy: Choson Exchange should prioritize CSR in its operations, focusing on ethical business practices, environmental sustainability, and contributing to the economic well-being of the local population. This can include investing in local communities, providing employment opportunities, and supporting sustainable development initiatives.
- Develop a phased approach to expansion: Choson Exchange should start with a smaller-scale project and gradually expand its operations as it gains experience and builds trust with the North Korean government. This phased approach allows for flexibility and adaptation to changing circumstances.
- Seek external support and partnerships: Choson Exchange should consider collaborating with international organizations, NGOs, and other businesses to leverage their expertise and resources. This can provide valuable insights into navigating the complex political and economic environment of North Korea.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Choson Exchange's success depends on its ability to leverage its core competencies in international business and its commitment to ethical and sustainable practices.
- External customers and internal clients: Choson Exchange needs to satisfy both its external customers (North Korean stakeholders) and its internal clients (South Korean investors). This requires a balanced approach that considers the needs and expectations of both groups.
- Competitors: While there may be limited competition in the North Korean market initially, Choson Exchange needs to be prepared for potential competition from other foreign companies seeking to invest in the country.
- Attractiveness ' quantitative measures if applicable: The venture's attractiveness should be assessed based on factors such as potential return on investment, market growth potential, and the long-term sustainability of the project.
- Assumptions: These recommendations are based on the assumption that the North Korean government is genuinely interested in economic development and is willing to work with foreign companies to achieve this goal. However, the political situation in North Korea is volatile, and these assumptions may not hold true in the long term.
6. Conclusion
Choson Exchange's venture in North Korea presents a unique opportunity for economic development and positive change. However, it also carries significant risks. By carefully navigating the complex political and economic landscape, prioritizing CSR, and building strong relationships with the North Korean government, Choson Exchange can contribute to a more prosperous and sustainable future for North Korea.
7. Discussion
Other alternatives not selected include:
- Abandoning the project: This would avoid the risks associated with operating in North Korea, but it would also miss the opportunity to contribute to economic development and positive change.
- Focusing solely on profit maximization: This approach could lead to ethical concerns and potentially damage the company's reputation.
Risks and key assumptions:
- Political instability: The political situation in North Korea is highly volatile, and any sudden changes could significantly impact the venture.
- Regulatory changes: The North Korean government could introduce new regulations or policies that could negatively affect Choson Exchange's operations.
- Lack of transparency: The opaque nature of the North Korean government makes it difficult to assess the true risks and opportunities associated with the venture.
8. Next Steps
- Conduct a detailed political risk analysis. (Within 3 months)
- Develop a comprehensive CSR strategy. (Within 6 months)
- Establish a dedicated team to manage government relations. (Within 6 months)
- Pilot a smaller-scale project to test the feasibility of the venture. (Within 12 months)
- Seek external support and partnerships. (Ongoing)
Choson Exchange's success in North Korea will depend on its ability to adapt to the ever-changing environment, prioritize CSR, and build strong relationships with the North Korean government. By taking a cautious and strategic approach, Choson Exchange can contribute to positive change while mitigating potential risks.
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Case Description
In mid-2015, the Singapore-based CEO of Choson Exchange Geoffrey See pondered his next move. He had founded Choson Exchange as a non-profit in 2009 to further female entrepreneurship in North Korea by providing business and legal training in the isolated country. Now, however, he considered launching a for-profit incubator, PY Ventures, to provide North Korean entrepreneurs with customized mentorship and access to foreign capital. What role did See play in North Korea, and how should he evaluate the risks and opportunities of moving out of the non-profit space in what many around the world considered a "Rogue State"?
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