World, Economy, asia - pacific

N. Korea plans to build highway with Chinese investment

With budget of $890 million, 70-mile highway will connect two cities on North Korea’s east coast

  | 16.01.2019
N. Korea plans to build highway with Chinese investment

By Riyaz ul Khaliq

ANKARA

North Korea is looking for Chinese investment to build a 112-kilometer (70 miles) highway that would connect Wonsan and Hamhung on the country’s east coast, local media reported.

With a budget of $890 million, construction of the highway will be divided into five zones, The Chosunilbo said in a report.

Citing the website of China’s official government tender, the daily said, North Korea’s Ministry of External Economic Relations had advertised a tender on Oct. 30, 2018 in this regard.

“A Chinese company in the border city of Dandong has been contracted by the ministry to float the tender, while Chinese banks will raise the funds with a view to the North eventually repaying the money,” it added.

However, concerns remain as to how the plan would be executed since sanctions on Pyongyang have prevented countries to invest in North Korea.

The construction of the proposed highway will start by April this year and conclude in April 2022.

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