Rason Special Economic Zone

Rason Special Economic Zone
Chosŏn'gŭl
라진선봉 경제특구
Hancha
羅津先鋒經濟特區
Revised RomanizationRajin-Seonbong Gyeongje Teukgu
McCune–ReischauerRajin-Sŏnbong Kyŏngche T'ŭkku

The Rason Special Economic Zone, earlier called the Rajin-Sonbong Economic Special Zone, was established by the North Korean government at Rason, bordering China and Russia, in 1991 to promote economic growth through foreign investment. It is similar to the special economic zones of China and elsewhere, set up to pilot market economics in a designated controlled area. Foreign currency may be used in the zone. Chinese and Russian companies have invested in the special economic zone, and Mongolia joined in about 2013.

The Rason Special Economic Zone is administered by the Committee for Promotion of External Economic Cooperation (CPEEC). Foreign companies must be invited by the CPEEC to operate in the zone.

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