The Ministry of Commerce, Industry and Energy said Thursday that the government and private companies will develop two resource-rich regions in North Korea.

The ministry told an investment forum that the government will lead a project to develop natural resources in Danchon, South Hamkyong Province, while private companies will join hands with North Korea to develop its west coast areas.

Under the plan, the government will develop two to three magnesite mines in Danchon. It will also help private companies exploit limestone or graphite.

The ministry plans to set up a subcommittee on inter-Korean cooperation in resources development and raise funds for the projects.