January 18, 2011 10:24
North Korea is developing an islet in the Apnok (or Yalu) River delta linking Sinuiju with the Chinese city of Dandong as a special economic zone.
A North Korean source in northeastern China on Monday said the North Korean Cabinet has already approved a law on the development of a special zone on Hwanggumpyong, which will be announced in March or April.
The law is reportedly similar to the one governing the joint-Korean Kaesong Industrial Complex. The regime is reportedly planning to develop land on the islet in cooperation with Chinese businessmen.
"The development of Hwanggumpyong is being led by the joint venture and investment committee under the Cabinet," the source said. "It seems the North has been negotiating with Chinese businessmen about the possibility of investment."
Hwanggumpyong is an 11.45 sq.km islet in the Apnok River adjacent to Langtou, a Chinese city south of Dandong where a new town is under construction, separated only by a barbed-wire fence.
The regime has been trying to attract investors to the area since last year to develop an industrial park for lease similar to the Kaesong facility. But Chinese investors are reportedly uninterested due to the lack of proper legal safeguards and infrastructure.
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