facebook
twitter
rss
account
search
search
 

Report: China automaker may invest in plant in N. Korea

Aug. 28, 2013 at 2:08 AM   |   Comments

PYONGYANG, North Korea, Aug. 28 (UPI) -- China's state-owned automaker FAW Group Corp. plans to invest in a plant in North Korea, the North's news agency reported.

The Chinese company has signed a letter of intent with the regional government in North Korea's northeastern port city of Rason to invest in the construction of the auto plant, South Korea's Yonhap News said, quoting a report by the North's KCNA.

The agreement is a preliminary step to conclude an official deal for the investment, the report said.

Yonhap said the impoverished Communist country has designated Rason as a special economic zone and has been actively seeking overseas investments in the area.

The regional committee on trade promotion in northeast China's Heilongjiang province and Rason's economic committee have already agreed to boost cooperation.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Continental Resources declares win in Oklahoma basin Continental Resources declares win in Oklahoma basin
2
Maker of Camel cigarettes bans smoking in workplace Maker of Camel cigarettes bans smoking in workplace
3
U.S. oil exports at highest level since 1957 U.S. oil exports at highest level since 1957
4
More U.S. funding targets solar energy research More U.S. funding targets solar energy research
5
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
Trending News
Around the Web
x
Feedback