North Korea has entered into an agreement on the development of the Shinuiju Special Administrative Region (SAR) with a Hong Kong-based investment group, South Korean broadcaster YTN reported today.
Shinuiju was first turned into an SAR by the North Korean authorities in September 2002, whereupon a 41-year old Chinese-Dutch businessman called Yang Bin was appointed its first head by the Supreme People’s Assembly. However, even before Yang Bin could begin working on the project, he was arrested and charged with tax evasion and other crimes related to a Dutch-themed development project outside Shenyang, Liaoning Province.
However, that project has seemingly been revived, according to YTN, which cited a source in Beijing as saying, “North Korea has signed a contract for the development of Shinuiju with a Hong-Kong investment company, ‘Dajunghwa International Group’. The two sides will form a joint venture with a fixed stake each, and advance the development of Shinuiju that way.”
The investment company involved operates in a number of different fields, according to the source, including finance, real estate, ports and energy. Jang Sung Taek is said to have explained the nature of the deal to the Chinese during his recent trip to Beijing; however, no Chinese government money is said to be involved.
