North Korea Reveals Economic Plans at Seventh Party Congress

Institute for Far Eastern Studies (IFES)

In the Central Committee’s report at the Seventh Congress of the Worker’s Party of Korea, Kim Jong Un stated the country’s achievements—field by field—since the last (sixth) congress was held back in October 1980. The leader also revealed his upcoming plans. In the economic field, he specifically introduced goals of building a state that is economically independent and possesses highly developed scientific technology, a ‘five-year plan’ for economic development, and expansion of the country’s foreign relations, inter alia. Below are some of the highlights.

Building Economic Independence – According to the report, it was said that “both the party and the people have struggled to build the socialist economy along with economic independence. With the industrialization of the new century, factories and companies have experienced modernization in production line, resulting in an advancement of technology for the economy. We [DPRK] have already become a strong nation both politically and militarily, but still are lacking economically. The country we are trying to build with strength in economy is one that is independent and prospers through scientific technology. Thus we must reinforce our independence and identity. We must also seek self-sufficiency in food production.”

Five-Year Plan in Economic Development – According to the report, it was stated that “We must act in accordance with the Five-Year plan from 2016 to 2020. The goal of the five-year plan is to vitalize and balance the economy in order to continuously develop the economy. In the next five years, we must raise the quality of life for the people by initiating the Byungjin Policy and solve the energy related issues to put industries that have fallen behind back on track. The most urgent issue we face now is the energy shortage that we must build power plants as soon as possible and build an energy complex in Danchon to go hand in hand with the construction of nuclear power plants.”

Expanding Foreign Relations – The report also mentioned that “We must build and maintain our credibility in foreign trade while improving it by increasing the variety of our exports and the technology-based trade. We must also guarantee the environment and conditions for foreign investment on our special economic zones and put emphasis on the tourism.”

Previous posts on the new five year plan can be found here.

 

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