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North Korea Aims to Attract Foreign Gamblers

11 October 2002

NORTH KOREA – As reported by the Korea Times: "Pyongyang is aiming to attract some $150 billion in foreign capital to the Shinuiju Special Administrative Region over the next five years, a North Korean investment specialist said.

"…However, contrary to more common notions, Shinuiju will specialize in the operation of casinos, finance centers and international logistics facilities rather than manufacturing, he said.

"Regarding China's position on the development of the Shinuiju Special Administrative Region, [IMRI chairman Yoo Whan-young] said Beijing appears to be concerned about conflicts with development in regions close to North Korea, but not so much as the possibility of Chinese gamblers discarding their earnings in proposed gambling facilities.

"`All indications are that the North Korean authorities are determined to create an environment in which foreigners can invest and do business freely in Shinuiju,' Yoo noted…"

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