First Inter-Korean Joint Venture to Be Established

North Korea has approved a South Korean proposal for the first-ever bilateral corporate venture to be established in the Rajin-Sonbong area of North Hamgyong Province, designated in 1991 as the North's first free economic zone.

This is the first time that Pyongyang has allowed for direct business collaboration, set to take place between North Korea's Gaeson General Company and the South's Chilbosan Merry Joint Venture.

The firms are slated to split investment 60/40 and will work together to process and export canned marine and agricultural products starting in March.