Chinese enterprise may develop two islands in DPRK

11:19, February 25, 2010      

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Chinese enterprise may invest 800 million U.S. dollars to develop two islands in North Korea. National Business Daily reporter understands that a Chinese enterprise may be granted a 50 year lease, and may help North Korea establish special economic zone in the two largest islands on the Yalu River that borders the two countries.

Yonhap News Agency reported on February 23 that in order to attract foreign investment to North Korea, the DPRK will set up a free trade area located near the Sino-North Korean border city of Dandong, Liaoning province. The area will be developed by a Chinese enterprise. The report quoted an informed source saying that the scale of investment in the two islands will total 500 million and 300 million U.S. dollars respectively.

National Business Daily reporter contacted the developer of the North Korean islands and learned on February 24 that the specific letter of intent has not yet been finalized. Head of the company sent delegation to Pyongyang on February 22, and is currently discussing matters relating to project development.

According to the North Korean Embassy Trade Office in China, senior government officials are working to further refine the establishment of the special economic zones program. Cooperation mode is currently set in two ways: First, open certain regions to foreign investment and to give policy support, establishing special economic zones. The other is lease land for 50 years, and the price is based on the land value in the region.

The Chinese developer says the company will strive to enter the two islands in mid-2010 to implement development.

By People's Daily Online
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