SEOUL, South Korea (AP) — North Korean leader Kim Jong Un visited a major tourism site being constructed on the country's eastern coast and discussed steps to open the zone by next year, state media reported Thursday, though the country still blocks visits by most foreign tourists.
The Wonsan-Kalma zone is one of Kim’s most talked-about tourism projects. For years. North Korea has been building luxury hotels and recreational facilities there to create a key attraction for international visitors. But the project reportedly suffered setbacks due to shortages of construction materials as a result of toughened U.N. sanctions and COVID-19 restrictions.
Kim toured the Wonsan-Kalma zone with top deputies on Tuesday and discussed preparations for its opening by May 2025 as decided by a ruling party meeting in January, according to the official Korean Central News Agency.
“A coastal wonderland to be known to the world as the best tourist resort of (North Korea) would be successfully built,” Kim was quoted as saying by KCNA. It cited Kim as saying construction has entered its final stages.
North Korea has been slowly easing its harsh pandemic-era curbs and entry restrictions as part of its efforts to revive its economy. But it still hasn’t reopened its borders to foreign tourists, except for a relatively a small number of Russians who visited earlier this year as ties boomed between the two countries.
A return of Chinese travelers would likely provide a much bigger source of revenue as they represented about 90% of international tourists visiting North Korea before the pandemic. In 2019, a record 300,000 foreign tourists visited North Korea, earning the country between $90 million and $150 million, experts say.
The U.N.’s Food and Agriculture Organization said Wednesday its director-general visited North Korea from July 13 to 16, in the first trip by a U.N. principal since 2019. It said Director-General Qu Dongyu’s trip was meant to strengthen its partnership with North Korea and address food security and nutrition challenges in the country.
It wasn't immediately clear when North Korea will allow the return of international staff of U.N. agencies. North Korea’s stringent pandemic curbs included the departure of diplomats and foreign nationals.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.