Industryweek 5661 Special Economic Zones Dprk Promo

North Korea Creating Special Economic Zones

Nov. 21, 2013
Fourteen new economic development zones will be created in what is believed to be a way to attract more foreign investment,

SEOUL -- In an apparent bid to attract more foreign investment, North Korea announced Thursday it is setting up 14 new economic development zones, including one in a northwestern city that borders China, according to reports.

"The DPRK (North Korea) decided to set up a special economic zone in some parts of Sinuiju, North Phyongan Province," the North's official Korean Central News Agency (KCNA).

"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 thirteen other smaller zones.

According to Yonhap, the North's Supreme People's Assembly passed a law on economic development zones including tax concessions for external investors.

North Korea currently has four special economic zones: the Hwanggumpyong and Wihwa islands, Kaesong Industrial Complex, Mount Kumgang region and Rason.

Copyright Agence France-Presse, 2013

Popular Sponsored Recommendations

Global Supply Chain Readiness Report: The Pandemic and Beyond

Sept. 23, 2022
Jabil and IndustryWeek look into how manufacturers are responding to supply chain woes.

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

How Organizations Connect and Engage with Frontline Workers

June 14, 2023
Nearly 80% of the 2.7 billion workers across manufacturing, construction, healthcare, transportation, agriculture, hospitality, and education are frontline. Learn best practices...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!