North Korea has announced that it will open an industrial zone in the port city of Hungnam, with the hope of attracting foreign investment, according to a Korean Central News Agency (KCNA) article published on Saturday.

The new zone will be geared towards manufacturing machinery, chemical goods and medicines.

“It is now drawing attention of foreign governments and investors for its favourable geographical conditions and economic foundations,” the KCNA article reads.

The article goes on to say that the DPRK government is looking to encourage “joint venture (sic) between the country’s relevant enterprises and foreign investors,” though gives no further