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DPRK law encourages investment in economic zone

(Xinhua)

15:59, March 18, 2012

PYONGYANG, March 18 (Xinhua) -- Investors may "freely conduct economic activities" in the newly-established Hwanggumpyong and Wihwado Economic Zone in the Democratic People's Republic of Korea (DPRK), according to a law published Saturday by the official KCNA news agency.

Investors could establish companies, branches, and representative offices in the economic zone and their legal rights will be protected, the KCNA said.

The state shall not "nationalize or expropriate the property of the investors," and if such measures should be taken in the interests of the public, those affected investors would be notified in advance and also receive compensations in accordance with legal procedures.

The Law on the Hwanggumpyong and Wihwado Economic Zone, with seven chapters and 74 articles, was approved by the Presidium of the Supreme People's Assembly (SPA) on Dec. 3, 2011.

According to the law, the Hwanggumpyong area shall focus on the information technology, light industry, agriculture, commerce and tourism, and the Wihwado area shall be developed according to the Wihwado development plan.

The KCNA also published Saturday the text of the Law on the Rason Economic and Trade Zone. The law was amended by the Presidium of the SPA on Dec. 3, 2011.

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