Archive for the ‘Kyongwon Economic Development Zone’ Category

Kyongwon Economic Development Zone

Thursday, October 8th, 2015

KCNA has announced a new Economic Development Zone:

Kyongwon Economic Development Zone to Be Set Up in DPRK

Pyongyang, October 8, 2015 18:24 KST (KCNA) — The DPRK decided to set up the Kyongwon Economic Development Zone in some areas of Ryudasom-ri, Kyongwon County, North Hamgyong Province.

The sovereignty of the DPRK is exercised over the zone.

A relevant decree of the Presidium of the Supreme People’s Assembly was promulgated on Oct. 8.

According to the Institute for Far Eastern Studies (IFES):

Establishment of New Economic Development Zone in North Hamgyong

North Korea revealed on October 8, 2015 that it will establish the Kyongwon Economic Development Zone in North Hamgyong Province. “An economic development zone will be formed in part of Ryudarisom-ri in Hamgyong Province’s Kyongwon County,” North Korea’s state-run Korean Central News Agency (KCNA) announced.

According to the KCNA, the Standing Committee of the Supreme People’s Assembly released the ordinance establishing the Kyongwon Economic Development Zone on October 8. It did not however, disclose any specific details, stating only that “the Democratic People’s Republic of Korea exercises its sovereignty.”

Currently there are 16 locations in North Korea that have been designated as regional economic development zones (EDZs): the Chongjin EDZ, Hyesan EDZ, Manpo EDZ, Amnok River EDZ, Wiwon EDZ, Hungnam Industrial Development Zone, Chongnam Industrial Development Zone, Hyondong Industrial Development Zone, Sukchon Agricultural Development Zone, Pukchong Agricultural Development Zone, Orang Agricultural Development Zone, Chongsu Tourist Development Zone, Onsong Island Tourist Development Zone, Sinpyong Tourist Development Zone, Songnim Export Processing Zone, and the Wau Island Export Processing Zone.

There are also seven central-level EDZs: the Rason Special Economic Zone, Wonsan-Kumgangsan Tourist Region, Kaesong Industrial Region, Sinuiju International Economic Zone, Kangryong International Green Model Zone, Onjong High Tech Development Zone, and the Mubong International Special Tourist Zone.

At an EDZ investment briefing session held in Pyongyang on September 21, 2015, Korea Economic Development Association’s general secretary Kim Chon Il explained, “We have made it so that each province can directly manage and develop their local development zones, meeting the demands of the socialist economic management principles of guaranteeing centralized economic management principles and the identity of each region.”

He added, “As we ensure practical economic benefits matching the development principles of economic development zones to the natural geographical conditions of the relevant region, we are starting under a comprehensive plan on a small scale and are achieving results. Going forward we will gradually expand.”