A Russian daily says North Korea plans to take economic reform steps aimed at attracting investment and boosting laborers’ will to work.

Kommersant reported Wednesday that Pyongyang plans to implement the reforms from October, noting North Korea's new leadership is aware it can't build an effective economy without a market economy system.

The daily said under the measures, North Korean stores and companies will be allowed to keep 70 percent of their profits. The state currently collects all profits from stores and firms.