SEOUL, KOREA - North Korea has passed a law on special economic zones which would make possible foreign investment. The state-run Korean Central News Agency said on June 5, "The Supreme People's Assembly Standing Committee has announced on May 29 a law related to special economic zones."
The zones will host industry, agriculture, tourism, and export processing, as well as technology and other activities, it said. "Foreign corporate bodies, individuals and economic organizations, and overseas Koreans can invest in the economic development zones," the news agency said.
On April 1, the Supreme People's Assembly had decided to create special economic zones to attract more foreign investment. The law's enactment is widely interpreted as showing the North's willingness to develop its economy despite the recent hostilities.
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