North Korean Economy Watch

According to KCNA:

The DPRK Cabinet adopted its decision on “10-Year State Strategy Plan for Economic Development” and decided to establish the State General Bureau for Economic Development.

This governmental body will handle all issues arising in implementing state strategy projects for economic development.

This step was taken at a time when miracles and innovations are being performed in the socialist economic construction everyday on the basis of a solid springboard laid for building a thriving socialist nation under the outstanding and tested Songun leadership of Kim Jong Il.

The above-said plan set a state strategic goal for economic development. It puts main emphasis on building infrastructure and developing agriculture and basic industries including electric power, coal, oil and metal industries and regional development. It, at the same time, helps lay a foundation for the country to emerge a thriving nation in 2012 and opens a bright prospect for the country to proudly rank itself among the advanced countries in 2020.

When the above-said strategy plan is fulfilled, the DPRK will emerge not only a full-fledged thriving nation but take a strategic position in Northeast Asia and international economic relations.

The DPRK Cabinet entrusted the Korea Taepung International Investment Group with the task to fully implement major projects under the strategic plan.

The historic Conference of the Workers′ Party of Korea and events to mark the 65th anniversary of the founding of the WPK successfully held in the DPRK fully demonstrated the might of the single-mindedly united country in the aspects of politics and ideology and in military technique. All the people are dynamically advancing to fling open the gate of a thriving nation in 2012.

According to Yonhap:

Cho Bong-hyun, a Seoul-based analyst with IBK Bank, said North Korea had been working on the 10-year plan since late 2009 and that it covers 12 areas worth US$100 billion.

According to Cho, the dozen categories include agricultural development, the building of five logistics districts, an airport and a port, and urban development.

“Setting up this 10-year plan is to help find breakthroughs for the North Korean economy through foreign investments, since the North has reached a point where it can’t solve economic problems on its own,” Cho observed.

The analyst also said the North’s current regime appears to be trying to build economic achievements credited to Kim Jong-un, the heir apparent to Kim Jong-il, and smooth the impending hereditary power succession.

I am unsure of the relationship between this new organization and the Korea Taepung International Investment Group and the State Development Bank (previous posts here).  I have a major exam next weekend so I will take a closer look after then.

Here also are some quick country rankings by per capital GDP: IMF, CIA.

This entry was posted on Sunday, January 16th, 2011 at 3:44 pm and is filed under Cabinet, Korea Taepung International Investment Group (Daepung Investment Group), State Economic Development Commission (SEDC). You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.