Hyundai has been given the right to use some 66 million square meters of land in the DPRK's west coast for a mammoth industrial complex that will be constructed on a 26.4 million square meter lot in seven stages over the next 10 years. Other programs to be pursued include an aged ship-scrapping business, mineral water development, and phone line installation. Hyundai and the DPRK also agreed to build a large gymnasium in Pyongyang to provide a venue for sports exchanges. The agreement calls for building hotels, spas, golf courses, and ski slopes near Mt. Kumgang. Hyundai has guaranteed that 500,000 tourists a year will visit the area and the company agreed to pay the north for any shortfall in the number of visitors.
Cruise ships ply twice a week.
The first cruise ship will sail for the DPRK on Nov. 18. Oil drilling on north's West Coast Conduct feasibility study and develop potential oil reserves on the West Coast near Pyongyang. The north will supply oil to the south through a pipeline on a priority basis if oil drilling is undertaken in the sea off Pyongyang. Hyundai plans to establish an automobile plant for export to third countries in the north after details such as customs payments are worked out. Radio factory Radio factory will produce 240,000 car radios a year.