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In 2006, Park Suhk-sam, senior economist at the Bank of Korea, predicted the industrial zone could create 725,000 jobs and generate $500 million in annual wage income for the North Korean economy by 2012. Five years later, another $1.78 billion would be earned from annual corporate taxes levied on South Korean companies participating in the ...
An industrial region or industrial area is a geographical region with extremely dense industry. It is usually heavily urbanized . Panorama of North Korea 's Kaesong Industrial Region.
The zone was founded as the Rajin Free Economic and Trade Zone in December 1991. [ 9 ] [ 10 ] [ 11 ] It was expanded to become the Rajin-Sonbong Free Economic and Trade Zone in September 1993. [ 9 ] Since its creation, laws governing the zone's status have been amended six times, the most recent revision being approved by the Presidium of the ...
The province is bordered by Pyongyang and South Pyongan to the north, Kangwon to the east, Kaesong Industrial Region and South Korea's Gyeonggi Province to the south, and South Hwanghae southwest. In 2003, Kaesong Directly Governed City (Kaesong Chikhalsi) became part of North Hwanghae as Kaepung County.
Development there, along with the Kaesong industrial zone, had been the major economic projects of, and a token of rapprochement between, the governments on the peninsula split by the 1950-53 ...
Formerly part of the Kaesong urban area, the county was merged with North Hwanghae when Kaesong was demoted in 2003. However, it was returned to Kaesong Special City in 2023. [2] [a] The county sits northeast of Kaesong city and borders Kumchon, Tosan, Kaesong city, and the Kaesong Industrial Region.
The city is near the Kaesong Industrial Region close to the border with South Korea and contains the remains of the Manwoldae palace. Called Songdo while it was the ancient capital of Goryeo, the city prospered as a trade centre that produced Korean ginseng. Kaesong now functions as North Korea's light industry centre.
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