Report: China to make massive investment in NKorea

February 15, 2010 06:19

SEOUL, South Korea — China plans to invest billions of dollars in North Korea in an apparent effort to prod the impoverished country to rejoin international nuclear disarmament talks, a news report said Monday.

The news came one week after North Korean leader Kim Jong Il told a visiting high-level envoy from Beijing that he was committed to a nuclear-free Korea. Kim subsequently dispatched his top nuclear envoy to Beijing for talks on the resumption of six-nation negotiations on ending its nuclear program in return for aid.

Several state-run Chinese banks and other multinational companies neared an agreement to invest about $10 billion to build railroads, harbors and houses in North Korea following their negotiations with Pyongyang's official Korea Taepung International Investment Group, according to Seoul's Yonhap news agency.

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