North Korea has launched a new mega agency in charge of attracting foreign investment and promoting economic cooperation with other countries.
 
The North’s state-run Korean Central News Agency (KCNA) reported that the North Korean government created the ministry by merging the Ministry of Foreign Trade, the Joint Venture and Investment Commission and the State Economic Development Commission. It also reported that the North’s Supreme People’s Assembly announced a related ordinance on the merger.
 
The KCNA, however, did not elaborate on the new agency’s ranking in the Cabinet, or its tasks and head.
 
The merger is seen as North Korea’s attempt to enhance the consistency of external economic policies and support economic development.
 
All the three merged agencies were economic organizations under the Cabinet.
 
The Ministry of Foreign Trade was in charge of the North’s trade with foreign countries, while the Joint Venture and Investment Commission dealt with attracting foreign investment and the State Economic Development Commission was tasked with operating special economic zones.