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NK bids to draw capital to 14 zones
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North Korea yesterday said it is setting up 14 new economic development zones, including one in a northwestern city that borders China in an apparent bid to attract more foreign investment, according to reports.
“The DPRK decided to set up a special economic zone in some parts of Sinuiju, North Phyongan Province,” North Korea’s official Korean Central News Agency said.
“The sovereignty of the DPRK will be exercised in the zone,” the news agency added, interpreted by South Korea’s Yonhap news agency as a sign that Pyongyang plans to open the area to foreign investment.
KCNA also listed 13 other smaller zones.
According to Yonhap, North Korea’s Supreme People’s Assembly passed a law on economic development zones, including tax concessions for external investors.
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