In a move to attract more investment from abroad, North Korea has amended the foreign investment law. The amendment has been reported by the North Korean main news agency.
The details of the revisions have not, yet, been publicly announced by the North Korean government, but previous changes have been less substantive and more political in nature.
The amendments seem nothing more than a reaction to the Chinese dismissal of North Korea’s efforts to entice China to invest in a free trade zone near the border between North Korea and China.
North Korea can learn a great deal from the Chinese manner of developing the economy, however, in the past – North Korea has quickly retreated after brief periods of hopeful developments that the nation will open up to the South, China and the West. Maybe China has finally found a rationale ear.
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SeanHayes@ipglegal.com
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