DPRK to Set up Kaesong Industrial Zone

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Last updated at: (Beijing Time) Wednesday, November 27, 2002

DPRK to Set up Kaesong Industrial Zone

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The Democratic People's Republicof Korea (DPRK) has decided to set up an industrial zone in Kaesong, a city near the truce village of Panmunjom, to attract investment from South Korea and abroad, the Korean Central News Agency reported on Wednesday.

The report said the aim of setting up the industrial zone is toboost the development of the national economy. The DPRK governmentwill still exercise sovereignty over the area in Kaesong.

Individuals, corporate bodies and economic organizations are encouraged to make investments in the zone. They will be free to set up enterprises, company branches and offices. Investment in infrastructure construction and advanced technology will be especially welcomed.

The DPRK will offer investors preferential terms in labor-hiring, land use and taxation. With a special pass, each of them will be able gain visa-free access to the industrial zone via a designated route, and their properties will be protected by law.

Earlier this month, the DPRK and the South Korea agreed to kickoff the first stage of the development of the Kaesong industrial zone which was expected to be completed in 2003.

A number of South Korean enterprises are ready to invest in thenew industrial area.

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