North Korea is reportedly seeking to enact a special law aimed at attracting investments from Koreans doing business abroad.

Vice-Chairman Cho Rong-je of the World Overseas Korean Traders Association (OKTA) said on Tuesday that Pyongyang recently informed him of its plan to legislate a new law that will focus on promoting investments from OKTA members and other overseas Koreans.

Cho said that the enactment of the new law is being pursued separately from existing laws regarding foreigner investments.

Cho anticipated that the North's move will significantly help promote inter-Korean economic cooperation.

During a meeting with OKTA representatives in Pyongyang last October, North Korean officials said they are considering various benefits for overseas Korean businesspeople, including setting the minimum monthly wage for OKTA member companies investing in the North to around 30 euros, or about 38 U.S. dollars.