Rason Special Economic Zone
Special economic zone in North Korea / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Rason Special Economic Zone?
Summarize this article for a 10 year old
The Rason Special Economic Zone, earlier called the Rajin-Sonbong Economic Special Zone,[1] was established in the early 1990s by the North Korean government near Rason to promote economic growth through foreign investment.[2] 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.[3][4][2]
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 |
Chinese and Russian companies have invested in the economic zone. Mongolia has joined recently,[when?] and the use of foreign currency is permitted.[5] Bloomberg reported that ground was broken in June 2011 on a further development stage of the zone.[6] In November 2011, work began on building electricity transmission lines that will provide Chinese electricity supplies in the zone.[7]