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Yomiuri: Chinese, Taiwanese Firms to Create Industrial Complex on N. Korean Island

News2017-01-06
Yomiuri: Chinese, Taiwanese Firms to Create Industrial Complex on N. Korean Island

A leading Japanese daily says Chinese and Taiwanese companies will invest six billion yuan, or nearly eight-point-seven billion U.S. dollars, to create an industrial complex on the North Korean island of Wihwa.  
 
The Yomiuri Shimbun on Friday quoted a number of sources as saying that the firms and the North agreed last November to build the industrial park in a special economic zone. More than 70 percent of the total investments will come from Taiwanese firms.
 
Once the complex is completed, the companies will bring in raw materials from China and export electronic goods made at the complex to Southeast Asian countries. The firms will have the advantage of using the North’s cheap labor force.
 
The daily said once it is established, the complex will become a major source of foreign currency for the North, which is said to be feeling the pinch due to international sanctions.

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