Rail monopoly Russian Railways and North Korea's Railways Ministry have signed an agreement to build a railroad and container depot at the Rason seaport, near the border with Russia and China.
Under the deal, Russian Railways and the port of Rason, also known as Najin, will set up a joint venture for 49 years. Russia and North Korea will control 70 percent and 30 percent of the joint venture, respectively.
The port is located in North Korea's Rajin-Sonbong Economic Special Zone in the northeast tip of the country.
The joint venture will invite contractors to modernise a 52-km rail line between Tumangang and Rason, and build a container depot at Rason.
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