December 14, 2011 13:39
North Korea has reportedly approved foreign investment in the Mt. Kumgang resort, which was built by South Korea, after passing new laws earlier this year to open the tourist site to overseas investors.
Citing a source in Beijing, the Yonhap news agency reported that a company set up with US$1 million in capital from Hong Kong investors and ethnic Koreans in China received the green light to operate at the scenic resort.
In April, North Korea unilaterally severed its agreement with South Korea's Hyundai Asan, stripping the firm of its 50-year exclusive right to run the inter-Korean tourism program.
Neither South Korea's Unification Ministry nor Hyundai Asan has confirmed the report.
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