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July 16, 2007 / 8:48 AM

N. Korea wins $115 million investment deal

SEOUL, July 16 (UPI) -- Egypt is set to invest $115 million in modernizing, upgrading and operating a cement plant in North Korea.

The North's state-run Korean Central News Agency said that Pyongyang's Myongdang Trading Corp. and Egypt's Orascom Construction Industries (OCI) have signed an agreement for cooperation and investment in Sangwon cement complex in the communist country.

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The North's news agency did not give the value of the investment, but the Financial Times said OCI would spend $115 million for the joint venture to renovate and operate the Sangwon cement plant.

South Korean officials said it may be the single biggest investment deal for North Korea after China signed a $200 million deal in April 2000 to build a power plant in the North.

KCNA said OCI also plans to invest in the North's other poor infrastructure projects, such as mineral production and power plant construction, while seeking to invest in the North Rason economic zone bordering China and Russia.

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