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DPRK to introduce preferential policies to attract investment for key tourism project

Xinhua, May 27, 2015 Adjust font size:

The Democratic People's Republic of Korea (DPRK) will introduce various preferential policies to attract investment for a planned international tourist zone, officials in charge of the affair said here Wednesday.

The development of Wonsan-Mt.Kumgang international tourist zone, a key project approved by the Presidium of the Supreme People's Assembly last June, is now underway, Yoon Yong Sok, chairman of the project's promotion committee, told an investment meeting held at Mount Kumgang, a renowned tourism destination in the DPRK.

According to officials, there will be exemptions from customs for various things and corporate income tax reductions for companies operating for more than 10 years in the zone. The basic income tax rate will be reduced from 14 percent to 10 percent.

Noting that construction has already started in Wonsan, Yoon said he hoped the investment meeting could offer a platform for all participants to better understand the tourism resources and prospects of the zone and find out investment opportunities.

Some 130 entrepreneurs and scholars, with the majority from China, attended the meeting. There were also businessmen from Japan, the United States, New Zealand, Canada and Sweden. Endi