Rason Special Economic Zone
| Rason Special Economic Zone | |
| Chosŏn'gŭl | 라진선봉 경제특구 |
|---|---|
| Hancha | 羅津先鋒經濟特區 |
| Revised Romanization | Rajin-Seonbong Gyeongje Teukgu |
| McCune–Reischauer | Rajin-Sŏnbong Kyŏngche T'ŭkku |
The Rason Special Economic Zone, earlier called the Rajin-Sonbong Economic Special Zone, was established in 1992 by the North Korean government near Rason to promote economic growth through foreign investment. It is similar to the Special Economic Zones set up by the People's Republic of China and elsewhere to pilot market economics in a designated controlled area. It is near the border with China and Russia and is a warm-water port for both countries.
Chinese and Russian companies have invested in the economic zone. Mongolia has joined recently, and the use of foreign currency is permitted.Bloomberg reported that ground was broken in June 2011 on a further development stage of the zone. In November 2011, work began on building electricity transmission lines that will provide Chinese electricity supplies in the zone.
The Rason Special Economic Zone is administered by the Committee of External Economic Cooperation (CEEC). Foreign companies must be invited by the CPEEC to participate in the special zone.
The first joint North-South company, called Chilbosanmeri Joint Company, has been formally established in Rason Special Economic Zone.
Sources conflict over the date the zone was founded, either 1991 or 1993. Since its creation, laws governing the zone's status have been amended six times, the most recent revision being approved by the Presidium of the Supreme People's Assembly on 3 December 2011.
When Jang Sung-taek was purged in late 2013, the accusations against him included the charge that he had "made no scruple of committing such act of treachery in May last as selling off the land of the Rason economic and trade zone to a foreign country."
The 746 km2 Rason Special Economic Zone is on the western side of the Tumen River in North Korea. It is between 42 08'-42 38'N and 130 07'-130 42'E. This location is in the easternmost end of the country, bordering Russia and China.
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