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North Korea plans to develop tourism

The DPRK has announced special conditions for individual tourists and companies interested in developing the tourism business in the mountain resort of Kymgansan.

North Korea wants to turn Kimgangsan into a special international tourist area, while Pyongyang looks forward to cooperation with corporations from other countries and investments from South Korea. Foreign tourism companies will be able to lease land in a special zone for up to 50 years and receive special tax incentives. In addition, companies and individuals working in the zone will be able to open accounts with banks outside of North Korea and freely conduct banking operations.

Tourist trips to the resort of Kumgangsan, which began in 1998 year, were suspended after 2008 year, a North Korean guard killed a South Korean tourist. However, the South Korean government recently announced that it is necessary to review the possibility of traveling to Kumgangsan in order to improve inter-Korean relations. Kim Yu Do, the ministry's spokesman for the reunification of South Korea, told reporters that the South Korean government will resume trips to Kumgangsan, when North Korea will take measures to ensure the security of South Korean tourists.

In addition, the Ministry of Reunification announced that the government is ready to provide loans totaling 20 billion won ($ 19 million) to South Korean businessmen, including those who have already invested in the tourist business of Kymgansan before the suspension of travel.

North Korea's Central News Agency (KCNA) also reported that a tourism college has opened in Pyongyang. The agency added that the opening of the college “was part of the government’s efforts to promote tourism, and it will train personnel and develop exchange programs.

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