North Korea to set up economic development bureau

North Korea will establish a government body to fulfil 10-year strategy projects for its economy, official media said on Saturday, as record high prices are threatening a repeat of the 2008 food crisis in the world.
The KCNA news agency reported the North's cabinet had decided to set up the State General Bureau for Economic Development so as to build a "thriving socialist nation and to take a strategic position in the region and international economic relations".
"It puts main emphasis on building infrastructure and developing agriculture and basic industries including electric power, coal, oil and metal industries and regional development," the news agency said. It will also help lay a foundation for the reclusive state to rank itself among the advanced countries in 2020, it added. "When the above-said strategy plan is fulfilled, the DPRK will emerge not only a full-fledged thriving nation but take a strategic position in Northeast Asia and international economic relations."
North Korea's struggling economy in 2009 was 28.6 trillion South Korean won ($25.7 billion) in terms of its gross national income, less than 3 percent of South Korea's, the South's central bank had said. The isolated state depends heavily on China for economic and diplomatic support. Its economic woes have deepened for years due to poor harvests and international sanctions imposed for its missile and nuclear tests.