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North Korea’s Coal Industry Gearing Up For Foreign Direct Investments

North Korea plans for investment in the coal industry to strengthen the annual coal production and electric power generating capacity. North Korea’s coal mining industry is looking for foreign capital to start operations of the thermal power station, a DPRK state-run website reported.

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North Korea’s Foreign Investment and Economic Cooperation Committee’s investment proposal reveals fund allocation for strengthening the renovation and restoration activities taking place at the Chongnam Shaft, the Anju Area Mining Complex in South Pyongan Province. The main purpose of this investment proposal is to intensify the annual coal production in order to support the thermal power generating capacity.

The development taking place in the Chongnam Shaft where coal is found in abundance will lead to the creation of the thermal power plants that will provide electricity to households and also produce gasoline. The investments will take place in the form of equity or a contract based joint venture.

While delivering New Year’s speech, North Korea’s leader Kim Jong Un highlighted the importance of coal-mining by calling it a vital industry that can overcome the country’s shortage of power supply for domestic or industrial purposes.

He also emphasised on effective measures to improve the conditions of miners and asked the coal industry to minimize the cost of production. North Korean premier is also working on planning to invest in the iron ore, refractories to intensify production.

The developments taking place in the coal industry may boost the flow of foreign investments. The DPRK state-run website said that 48 million dollars will be invested in the renovation of DPRK’s electric power sector.

More News at EurAsian Times

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