Chinese investment in North Korea, and business links between the two countries, are expected to increase sharply in the near future, with priority being given first to the development of two special economic zones aimed at attracting foreign investment.
A director from China’s Ministry of Commerce told China Daily yesterday that work on the two zones in the North Korea had already reached a substantive stage, after ground was first broken at the sites in December.
Although China’s investment in North Korea is still relatively small, the director from the ministry’s Department of Asian Affairs, said it will “gain speed in the future, and the two sides will get closer and closer”. She added that the two economic zones will act as the stimulus for future investment between the two countries, and that it is hoped they will also attract considerable interest too from international investors.
The conference was part of a six-day visit to China by a delegation led by Jang Song-thaek, director of the central administrative department of the Workers’ Party of Korea, which started early this week. Jang’s visit was aimed at enhancing bilateral economic relations. The Chinese vice-minister of commerce said, in an article published in the People’s Daily yesterday, that China plans to actively support Chinese companies’ investment in North Korea.