North Korea, reportedly, mulls entrusting the post of the chairman for economic development zone project to overseas experts. The North is now pushing ahead with the project in the form of ‘establishment of mini special economic zones.’ The project will provide a stepping stone for foreign experts to take the helm of the economic development zone project, which will determine the success of ‘Kim Jong-un’s open economy policies.’

The North allows for direct participation of foreigners in establishment of companies and operation of management committee in the provincial areas for economic development, according to internal regulation documents ‘DPRK’s guideline for management body’ exclusively obtained by the Maeil Business Newspaper Tuesday.

The North is pushing for establishing economic development zone in 19 provincial areas in a bid to attract foreign capital to revive the economy since its leader took office. Pyeongyang designated one or two zones for economic development with the aim of promoting the industry tailored to each area including tourism, agriculture and export processing.

The economic development project is credited as the two pillars of Kim Jong-un’s open economy along with the ongoing Kaesong complex zone project, Naseon special economic zone project and Hwang Geum Pyeong·Wihwado economic zone development.

Once the North starts to establish the economic development zone, it will likely recruit a large number of experts from China and Russia as chairpersons, with which the North has active exchange.

By Kim Sung-hoon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]