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28 May, 2015

North Korea joins the bandwagon, seeks investment for planned tourism zone

PYONGYANG, MAY 28 (NNN-XINHUA) — The Democratic People’s Republic of Korea (DPRK) will introduce various preferential policies to attract investment for a planned international tourist zone, officials in charge of the project say.

The development of Wonsan-Mt. Kumgang international tourist zone, a key project approved by the Presidium of the Supreme People’s Assembly last June, is now underway, Yoon Yong Sok, the chairman of the project’s promotion committee, told an investment meeting held Wednesday at Mount Kumgang, a renowned tourism destination in the southeastern DPRK.

According to officials, there will be exemptions from Customs tariffs for various things and corporate income tax reductions for companies operating for more than 10 years in the zone. The basic income tax rate will be reduced from 14 per cent to 10 per cent.

Noting that construction has already started in Wonsan, Yoon said he hoped the investment meeting could offer a platform for all participants to better understand the tourism resources and prospects of the zone and find investment opportunities.

Some 130 entrepreneurs and scholars, with the majority from China, attended the meeting. There were also businessmen from Japan, the United States, New Zealand, Canada and Sweden. — NNN-XINHUA