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Regulations on developing Kaesong Industrial Zone adopted

KCNA

    Pyongyang, June 30 (KCNA) -- Regulations on developing the Kaesong Industrial Zone were adopted to establish a strict system and order in the zone and help effectively develop the zone according to the law on the Kaesong Industrial Zone. They were adopted by decision no. 102 of the Presidium of the Supreme People's Assembly of the DPRK on April 24, Juche 92 (2003).
    They have 19 articles.
    They specify points related to the working out of a master plan for development, infrastructural construction, business distribution, provision of conditions for development, developers' rights, etc.
    According to them, developers shall be selected by the central industrial zone guiding organ. The master plan for developing the industrial zone shall be worked out by developers, reflecting a plan for utilizing land, a plan for infrastructural construction, a plan for phase investment and promotion of work, etc.
    Infrastructural construction in the industrial zone shall be undertaken by developers and they may jointly undertake with other investors or build through transfer and consignment such infrastructure as power, telecommunications and water supply facilities, if necessary.
    The construction of infrastructure linking the industrial zone with the area outside it shall be undertaken by the Central Industrial Zone Guiding Organ.
    Developers may transfer the right to use land and lease buildings in the industrial zone to businessmen or investors according to their purpose.
    In case historic relics and remains are discovered in the course of developing the industrial zone, the Central Industrial Zone Guiding Organ shall be informed of them and they shall be dealt with through negotiations with the relevant institution.
    A developer shall have rights in the fields of infrastructural construction, energy supply, transport, storage, advertisement, etc. in the industrial zone. A developer may transfer and leave their business rights to the third party if necessary.