Pyongyang, June 5 (KCNA) -- The DPRK enacted a law on economic development zones.
A decree on the law was promulgated by the Presidium of the Supreme People's Assembly of the DPRK on May 29.
The law has seven chapters (62 articles) and additional rules (two articles).
The law deals with fundamentals of the law, establishment, development and management of economic development zones, economic transactions in the zones, their encouragement, preference and settlement of complaints and disputes.
According to the law, economic development zones are special economic zones in which preference is granted as for economic activities under the laws and regulations specially provided for by the state.
The economic development zones include industrial development zone, agricultural development zone, tourism development zone, exports processing zone, ultra-modern technological development zone and other development zones in the fields of the economy and science and technology.
The state will assort the economic development zones into local-level economic development zones and central-level economic development zones and manage them according to their affiliations.
Foreign corporate bodies, individuals and economic organizations and overseas Koreans can invest in the economic development zones and also set up businesses, branches and offices and conduct free economic activities.
The state shall provide investors with conditions for preferential economic activities regarding the use of land, employment of labor, payment of taxes, etc.
The state shall specially encourage investment in the fields of infrastructural construction and ultra-modern science and technology and in the field producing goods with high competitiveness in international market in the economic development zones.
Rights granted to investors and investment properties and legal income are protected by law in the zones.
The law on economic development zones and regulations and rules for its enforcement will be applied as for economic activities like development and management of the economic development zones and the operation of businesses.
This law is not applied to the Rason Economic and Trade Zone, Hwanggumphyong and Wihwado economic zones, Kaesong Industrial Zone and Mt. Kumgang Tourist Special Zone.
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