North Korea’s nuke test suspension paves way for economic take-off

By Hu Weijia Source:Global Times Published: 2018/4/21 12:32:32

North Korea announced Friday that it will suspend its nuclear and missile tests starting Saturday, according to media reports. 

The change of attitude toward nuclear tests sends a signal that the country will concentrate on economic development and seek better ties with the international community.

Gradually opening up its economy is the best choice for North Korea after the country halts nuclear tests. We believe North Korea will take that step eventually. 

We look forward to seeing Friday's announcement bring about fundamental changes to North Korea's economy.

North Korea has some key advantages for its economic take-off, like processing and manufacturing, over other economies such as India and Vietnam. 

North Korea has huge development potential given the country's significant geographical location. The country is very close to China, South Korea and Japan, so it can easily integrate into the Asian industrial chain if it adopts an opening-up policy. North Korea has worked with China and South Korea to develop special economic zones, where is likely to be the catalyst of the country's take-off.

What's more, education in North Korea is compulsory, making it possible to train a team of skilled labor in a short period of time. The North Korean government can mobilize resources and coordinate action to promote its strategy, and this will help the country meet its economic requirements.

The world should take measures to encourage North Korea to gradually open up its economy and help the country improve its people's living conditions. The West needs to applaud the positive changes taking place in North Korea.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn

Posted in: EYE ON ECONOMY

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