PYONGYANG, February 2. /TASS/. Railway transport is an important area of investment cooperation between Russia and North Korea, spokesman of North Korea’s Ministry of Foreign Economic Affairs Lee Sohn Hak said on Monday.
In September 2013, Russia and North Korea completed the upgrade of a railway road from the Russian station of Khasan to the North Korean town of Rajin, he said.
Work has also been finished for creating a universal reloading terminal in Rajin, the main port of the Rason special economic zone located in the north-east of North Korea and bordering on the Chinese province of Jilin and Russia’s Primorye Territory.
The North Korean government is generally creating favorable conditions for foreign investors who are showing interest in special economic zones established in the country, the spokesman said.
The North Korean authorities have made amendments to the existing legislation on foreign investment and the development of special economic zones, "which has made it possible to ensure necessary guarantees for foreign companies in accordance with the world practice," the spokesman said.
North Korea has signed agreements on mutual encouragement and protection of investments with 28 countries and agreements on avoidance of double taxation with 13 Asian, African and European states, the spokesman said.
The development of the Wonsan-Kumgang international tourism zone established in North Korea last year is a promising area for the participation of foreign capital, the spokesman said.
This territory located in the southeastern province of Kangwon also hosts such landmark sites as the Masikryong ski resort, the Songdowon International Children’s Health-Building Camp, the Wonsan resort city and the famous Kumgang (Diamond) Mountains renowned for ancient Buddhist temples, waterfalls and lakes.
The main aim for creating this zone is to boost international tourism on the North Korean eastern coast, the spokesman said.