Russian President Vladimir Putin is set to visit North Korea on June 18 for a two-day meeting with Kim Jong Un amidst heightened tension on the Korean peninsula. This visit marks Putin’s first to the country in 24 years and highlights the deepening relationship between the two nations.
Reports indicate North Korea has been providing military equipment to Russia, despite denials from both parties. The transfers have contributed to North Korea’s expected return to economic growth, with the state’s economy receiving a much-needed boost from weapons deliveries.
An expert from Fitch Solutions forecasts a return to positive growth for North Korea in 2024 due to the weapons deal with Russia. This deal is seen as crucial for North Korea’s legitimacy as a nation and the sustainability of its defense sector.
Russia deal could offset COVID, sanctions impact
The economic benefits of the munitions transfer could potentially be short-lived if diplomatic solutions are found for ongoing international conflicts. Despite the uncertainties, the collaboration between North Korea and Russia holds promise for future strategic alliances.
Defense sector an engine of growth
The defense sector, one of North Korea’s largest employers, plays a significant role in the country’s economy. While the deal with Russia could improve the state’s external financing, the impact on ordinary citizens remains uncertain.
Munitions deal could lead to closer alliance
The advanced cyberattack capabilities of both North Korea and Russia could pave the way for further collaboration between the two nations. Putin’s upcoming visit to North Korea signifies a potential strengthening of ties between the countries.