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.
Most Popular Stories
- Apple Wants Samsung to Pay $22M for Patent Dispute Legal Bills
- NASA Fellowships, Scholarships Bring Diversity to Workforce
- Twitter Coming to Phones Without Internet
- Dish Network Leads 2013 Top 50 Advertisers List
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Jobs Report Brings Cheer As Unemployment Drops to Five-year Low
- Starbucks Gets Grinchy; No Gingerbread Lattes for Tampa Customers
- Entravision Initiates Quarterly Cash Dividend
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise