North Korea said Friday that it has established a joint investment institution with a foreign company in order to promote investment in the communist state.

The North’s state-run Korea Central News Agency reported Friday that the country's external economic cooperation committee met Wednesday in Pyongyang with delegates from an international investment fund named Daepoong to found the joint venture.

The venture, dubbed Daepoong International Investment Group, comprises North Korea's economic cooperation committee and investors from a number of countries.

Daepoong will open a Pyongyang office to work with international investors in attracting investment into the North.

Korea Central News did not elaborate, however, on the Daepoong investment group's actual roles and composition.

In June, South Korea’s former Unification Minister Park Jae-kyu said North Korea was considering establishing a new industrial park near the Gaesong Industrial Complex by attracting investment from Hong Kong. He added that the project would be implemented by a joint venture named Daepoong.