North Korea is expected to launch a massive construction project to develop the scenic Mount Geumgang area as an international tourist destination.

Oh Chung-hyuk, president of a North Korean developer of the mountain resort, said in an interview with monthly North Korean magazine “Geumsugangsan” that the North will build tourist facilities in phases at the special Mount Geumgang tour zone.

Oh said that extensive development will be carried out in the near future and the area will be well equipped as an international tourist zone.

He added that foreign and South Korean companies as well as individual investors are allowed to invest in the development project, stressing that the North will legally guarantee investors' rights, investment capital, and income stemming from investing in the project.

The North Korean developer of the resort is believed to have been established to develop a special tour zone after the North enacted a law in May 2011 that revoked Hyundai Asan’s exclusive right to develop the area.