[News Briefing] N.Korea to open Mt. Kumgang to international investors

Posted on : 2011-04-30 13:09 KST Modified on : 2019-10-19 20:29 KST

North Korea’s parliament said that it will set up a special zone for international tours of Mount Kumgang, the state-run Korean Central News Agency (KCNA) reported Friday.
According to the report, North Korea’s Supreme People’s Assembly said in a decree that the country “will encourage free investment in the development of the special zone by corporate bodies, individuals and other economic bodies and will protect by law the invested capital and properties and income and other profits to be gained through business.”
The decree, an apparent move to bring in foreign investment to the country’s troubled mountain resort, came weeks after North Korea threatened to revoke exclusive contract with Hyundai Asan on Mt. Kumgang tours citing skepticism over the resumption of the joint venture.

KOREU FTA ratification to be postponed in June
The prospect of ratifying the free trade agreement between South Korea and the European Union (KOREU FTA) before the end of April legislative session appeared to have dimmed as the Democratic Party (DP) made clear its opposition.
The Foreign Affairs and Trade Committee finally approved the long-stalled agreement on Thursday, but the DP threw a wrench into the process by threatening to boycott the main legislative session, scheduled for yesterday, if a vote was held on the bill. The DP urged the government yesterday to come up with better measures to make up for losses that may be suffered by livestock farmers and small businesses if it wants ratification.
(Yonhap News)

Lawmakers approve ban on underage gaming after midnight
The National Assembly Friday passed a game restriction bill that bans those under the age of 16 from playing online games from midnight through 6 a.m. in a bid to reduce game addition among teenagers.
The Youth Protection Revision bill was proposed by the Ministry of Gender Equality and Family last year following a series of tragic incidents, including the deaths of restless gamers and matricide blamed on excessive gaming.
The bill that has been strongly opposed by the gaming industry will go into effect in six months after promulgation.

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