The Democratic People's Republic of Korea (DPRK) wants foreign lawyers and accountants to set up shop for the first time to help attract overseas investment under the country's nascent economic reforms, a British lawyer-turned-consultant said yesterday.

Michael Hay, who has had business links with the DPRK since 1998, said he had been granted permission this month to open a liaison office in Pyongyang and asked to find potential law and accountancy firms.

"Already several firms have privately expressed interest, and this opening is intended to facilitate the work of co-ordinating the review and evaluation of inquiries from candidate firms," said Hay, who will also use the office for his own consultancy work for foreign businesses.

The DPRK wants to issue one licence each to a law firm and accountancy company from overseas. Hay said numerous foreign joint ventures were already operating quietly in the DPRK and there were many opportunities, for example in mining and energy exploration.

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