In March, North Korea’s new young leader, Kim Jong-un, said he wanted economic development zones (EDZ) in each of the 14 provinces to attract foreign investment.
Given the limited success of the existing special economic zones, Rason-Sonbong and Kaesong, as well as the regime’s profound suspicion of market economics, the pronouncement attracted little attention.
But it seems Kim was serious. North Korea has just announced a special economic zone at Sinuiju on the border with China and 13 more limited EDZs in the other provinces.
The aim is to attract $70 million to $250 million investment in each zone.
