by Staff Writers
Seoul (AFP) Aug 6, 2012
North Korea has shut down a military-run company tasked with attracting foreign investment due to its poor performance, as the regime tries to rein in the army, a report said Monday.
Chosun Ilbo newspaper, citing a South Korean government source, said the Taepung International Investment Group -- created in 2009 by approval of the powerful National Defence Commission -- was recently closed down.
"Taepung, when it first opened, had an ambitious goal to solicit foreign investment of $10 billion in 2010 and $120 billion within five years but made little progress," said the source quoted by Chosun.
The shutdown was also intended to curb the military that had grown too powerful under the late ruler Kim Jong-Il, it said, adding the Committee of Investment and Joint Ventures under the cabinet would be given greater power.
Jong-Il's youngest son Jong-Un took over after his father's death last December and sacked the military chief last month, replacing him with a little-known general and promoting himself to marshal.
Taepung was behind efforts to attract new foreign investment to the Mount Kumgang resort, by inviting foreign journalists and tourists to a cruise there in August 2011.
The resort, jointly developed with the South, opened in 1998. But the South banned trips by its nationals after a North Korean soldier shot dead a woman who strayed into a military zone in 2008.
Learn about nuclear weapons doctrine and defense at SpaceWar.com
Learn about missile defense at SpaceWar.com
All about missiles at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com
Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.
North Korea's Kim meets senior Chinese official
Seoul (AFP) Aug 3, 2012
North Korean leader Kim Jong-Un has met a leading Chinese official in Pyongyang, state media said Friday, his first reception of a senior foreign guest since taking power last December. Kim on Thursday met a Chinese communist party delegation led by Wang Jiarui, head of the party's international department, China's Xinhua news agency and the North's official news agency reported. The you ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|