omonatheydid | North Korea draws up 10-year economic plan

North Korea's government adopted a 10-year strategy plan for economic development to revive the Stalinist state's ailing economy, news reports said Saturday.

Pyongyang also established a new agency, the State General Bureau for Economic Development, to implement and execute projects, South Korea's Yonhap news agency quoted Northern state media as saying.

According to the North's Korean Central News Agency , the plan should aid in achieving the goal of becoming a "strong and prosperous state" by 2012, the 100th birthday of late state founder Kim Il Sung , the father of regime leader Kim Jong Il .

"The plan sets a state strategic goal for economic development. It puts main emphasis on building infrastructure and developing agriculture and basic industries including electric power, coal, oil and metal industries and regional development," KCNA said.

The government said it wants North Korea to rank among the group of advanced economies by 2020. It would become a "full-fledged thriving nation" and take a strategic position in northeast Asia, the agency reported.

South Korean analysts said the plan covers 12 areas worth around $100 billion, including agricultural development, a new airport and urban development.

The regime is also trying to credit Kim Jong Un , the heir apparent, with the economic achievement, Yonhap reported, citing analysts.

North Korea's economy nosedived in the 1990s following the collapse of the Soviet Union, leading to severe food shortages.

The country's gross domestic product in 2009 was estimated by the US government at $28 billion, compared with $986 billion for South Korea.

Source: economictimes.indiatimes