North Korea’s state-run Korean Central News Agency (KCNA) has reported Thursday that North Korea has adopted a special law that gives North Korea exclusive sovereignty over Mount Geumgang.

The decree issued on Tuesday said that the North “will encourage free investment in the development of the special zone by corporate bodies, individuals and other economic bodies.” It also sets forth that South Koreans, Koreans living in other nations as well as institutions and groups may invest in the region.

The law further details that foreigners, locals, South Koreans and overseas ethnic Koreans may travel to the special tourism district.

In late April, North Korea established Mount Geumgang Resort as a special tourism district and terminated a 2002 decree that gave Hyundai Asan, a subsidiary of Hyundai Group and a joint tour operator in the area, exclusive rights to business in the region.