[News Briefing] N.Korea Opens Mt. Kumgang to foreign investors

Posted on : 2011-06-03 13:45 KST Modified on : 2019-10-19 20:29 KST

North Korea has taken yet another step backwards in normalizing inter-Korean relations by carrying out its threat to strip the South Korean firm Hyundai Asan of its exclusive rights over tourism at Mount Kumgang (Geumgang).
Overseas corporations, individuals and economic organizations can now invest in what it called the “international tourism district.” But it also left the door open to investment from South Korea, while vowing to encourage investment through a preferential duty system.
The latest measure comes as the North tries to deal with financial woes, especially after Seoul quit the joint tourism project in response to the unexplained shooting death of a South Korean tourist by a North Korean soldier in 2008.
(Arirang News) 

KCC unveils telecom fee reduction plan
The Korea Communications Commission (KCC), the country’s telecom regulator, announced Thusday a plan for mobile carriers to cut monthly base telecom fees by 1,000 won ($0.93) and provide 50 free text messages.
The leading carrier SK Telecom agreed to the plan, saying it will result in telecom spending reductions of 748 billion won per year. KT and LG U+ are expected to follow suit soon.
Civic and consumer organizations, however, have criticised that the measure is merely condescending, and demanded a sharp cut in base fees. The KCC has engaged in some tough negotiations with the carriers since the Lee Myung-bak administration announced a battle against high telecom fee.

Lawyer gets jail term for refusing military service on religious grounds
A lawyer and follower of Jehovah’s Witnesses received a jail term Thursday on charges of refusing to serve in the military for his religious conviction, rekindling a years-long debate over conscientious objectors in the country.
Baek Jong-gun was indicted for refusing to carry arms after being enlisted in the Army in February. South Korea’s conscription law requires all able-bodied men to serve about two years of mandatory service or face up to three years in jail.
(Yonhap News)

Most viewed articles