Rason Special Economic Zone
Special economic zone in North Korea / From Wikipedia, the free encyclopedia
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The Rason Special Economic Zone, earlier called the Rajin-Sonbong Economic Special Zone,[1] was established by the North Korean government at Rason, bordering China and Russia, in 1991 to promote economic growth through foreign investment.[2] It is similar to the special economic zones of China and elsewhere, set up to pilot market economics in a designated controlled area. Foreign currency may be used in the zone.[3] Chinese and Russian companies have invested in the special economic zone, and Mongolia joined in about 2013.[4]
Rason Special Economic Zone | |
Chosŏn'gŭl | 라진선봉 경제특구 |
---|---|
Hancha | 羅津先鋒經濟特區 |
Revised Romanization | Rajin-Seonbong Gyeongje Teukgu |
McCune–Reischauer | Rajin-Sŏnbong Kyŏngche T'ŭkku |
The Rason Special Economic Zone is administered by the Committee for Promotion of External Economic Cooperation (CPEEC).[5] Foreign companies must be invited by the CPEEC to operate in the zone.[5]