National Economy & Foreign Trade
The Democratic People’s Republic of Korea has ceaselessly developed its external economic relations with other countries by relying on the solid foundations of its independent national economy, unaffected by the complicated international economic upheavals.
A production system based on modern science and technology has been set up in the factories and enterprises across the country, which makes tangible contributions to improving the people’s standard of living.
In particular, the firm foundations of heavy industry with the machine-building industry as its core provide material guarantee for promoting the development of the country’s foreign trade. The bases of the machine-building industry have been updated to meet the requirements of the new century. Gigantic production bases for machine tools have been renovated as standard factories in the 21st century, and new-type modern machinery and equipment including machine tools introduced with CNC technology have been newly invented and manufactured, with the result that the country’s machine-building industry has reached a high level.
The Ragwon Machine Complex, Ryongsong Machine Complex, Taean Heavy Machine Complex and other factories turn out large-capacity and high-performance hydraulic and thermal turbines and generators, hydraulic excavators, motors and transformers and other quality products, enjoying great popularity among their customers.
Notable successes have also been achieved in the mining industry. Material and technical foundations of mines were remarkably consolidated and great strides made in developing new mines; a spacious open-air mining yard was stage by stage laid out in a far-sighted way at the Musan Mining Complex; ore-dressing capacity at the Komdok Mining Complex was expanded; and modernization projects were carried out at the Hyesan Youth Mine and March 5 Youth Mine, thus bringing about a radical increase in their mineral output.
Sweeping advances have been made in the sector of metallurgical industry. Juche iron-production lines were set up in iron- and steel-making plants such as Kim Chaek Iron and Steel Complex and Chollima Steel Complex, overall production lines of rolled steel modernized and self-supporting foundations for iron and steel production strengthened. The technical renovation of Tanchon and other smelteries was vigorously stepped up, leading to a marked increase in their production capacity of lead and zinc and other nonferrous metals.
Many scientific and technological achievements conducive to actively contributing to the country’s economic development and improvement of people’s standard of living have been made in the sector of such cutting-edge science and technology as information science and technology, space technology and bioengineering and nanotechnology, marking a breakthrough in building a knowledge-based economy.
A significant increase has been achieved in the production potentials of light industry. Textile and spinning mills, silk mills, garment factories and other light-industry factories have been furnished with latest production facilities and their production put on a normal footing by increasing the proportion of locally-available raw and other materials.
The public health sector introduced up-to-date medical facilities for the improvement of medical services for the people. The bases for producing traditional Koryo medicines have been established in all parts of the country. They have contributed to promoting the people’s health and these medicines have been widely exported to various countries around the world.
The production of export goods relying on the achievements made in developing the cutting-edge science and technology has been on the increase and finished items take a considerable share in export. This provides favourable conditions for investment and equity and joint ventures.
The strong foundations for the independent national economy laid in the DPRK constitute a material guarantee for developing foreign trade with various countries of the world on the principle of independence and equality.
The foreign trade of the DPRK will, in the future, too, render active services to further consolidating the basis of its independent national economy and building a thriving socialist country.