Venture firm advances into N.K.

The South Korean venture firm Ntrack Co. said Monday that it has signed a contract with North Korea`s Kwangmyongsung Trading Group to build a 10,000-pyong information-technology center in Pyongyang. The center, named Koryo Business Town, will be located on Tongil (Unification) Street.

According to Ntrack officials, the North Korean company will provide the project with electric power, water and related equipment while Ntrack will be responsible for all materials and technical manpower for the construction project. The project is scheduled to be completed in 2002.

In the first phase, the two companies plan to construct 10 500-pyong buildings by the end of this year, after forming a consortium with domestic companies. The complex will be used to foster North Korean information technology (IT) manpower, develop software and engage in businesses like assembling electronic parts, Ntrack officials explained.