North Korea Wants Your Money, Opens New Foreign Investment Zones

Already, the country has two: Rason and Sinuiju, with the latter gaining its unique status in 2002 and focused on light industry, information technology and tourism. Yet, it stalled with the arrest in China of Yang Bin, its first governor. The Chinese-born Dutch citizen was apprehended for financial crimes. Rason, formerly Rajin-Sonbong, was designated a special economic zone in 1991. The new measure's impact on these two locations is unclear.

The Rason project never attracted much foreign investment, though the North Korean government appears to be working on rekindling the zone. It even signed an accord with Russia to rebuild both rail and port infrastructure. China's been looking into opportunities in Rason, too.

Unlike past efforts, which have seen only locations in the boonies open for business, the new plan includes major cities. Kaesong is on the list, which makes sense since it's already home to a Seoul-funded joint venture. Another will be located in Pyongyang, which is as high-profile as it gets in North Korea. For now, a full view of the benefits remain elusive, though foreign investors can gain access to cheap rents for up to 50 years either through individual business ownership or joint ownership with a local partner.

South Korean newspaper Dong-A Ilbo suggests that this could be a move toward economic reform as it has unfolded in China, though it takes more than a new law to show real progress.