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MOFCOM Announcement No.47 of 2017- MOFCOM Announcement on the Enforcement of the United Nations Security Council Resolution No.2371 on Prohibiting the Opening of New Joint Ventures or Cooperative Entities with DPRK Entities or Individuals and Additional Investments in Existing Joint Ventures with DPRK Entities or Individuals

2017-9-18 9:08:54

On 6 August, the United Nations Security Council unanimously adopted the Resolution No.2371. In order to enforce the provision of "decides that States shall prohibit, by their nationals or in their territories, the opening of new joint ventures or cooperative entities with DPRK entities or individuals, or the expansion of existing joint ventures through additional investments" in Article 12 of the resolution, the relevant matters are hereby notified as follows:

I. Entities or individuals of the Democratic People's Republic of Korea (DPRK) are prohibited from opening new Sino-foreign equity joint ventures, Sino-foreign cooperative joint ventures or wholly foreign-owned enterprises in China, or expanding existing joint ventures or enterprises through additional investments.

II. In accordance with the Administrative Measures for Outbound Investment (Decree No.3, 2014 of the Ministry of Commerce), the investment and the expansion of existing investment in North Korea in violation of the aforesaid resolution shall not be approved.

III. This Announcement shall come into force as of the date of promulgation.

Ministry of Commerce
August 25, 2017

 

 

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