Economic Crisis, Kim Jong-un Inaugurates The Construction Of 50 Thousand New Apartments In North Korea

North Korean leader Kim Jong-un. (Wikimedia Commons / Kremlin.ru)

JAKARTA - North Korean leader Kim Jong-un inaugurated the construction of a new 10,000 apartment project in North Korea's capital, Pyongyang, despite the economic crisis causing various other projects to be postponed, state media said.

Kim Jong-un is said to have attended the inauguration on Tuesday, March 23, as a sign of the start of the first phase of the apartment project which consists of 50,000 new apartments as a whole.

He said it would be an honor and pride if the government could provide an ideal life for the people, by the five-year development plan announced in January.

"There is nothing more precious and honorable and happier than without a doubt dedicating our sweat and passion, to building the ideal path", said Kim Jong-un, according to state news agency KCNA.

"The government has decided to continue the project because it wants to improve the living conditions of citizens", continued Kim Jong-un.

Kim's ambitious new plans for the next five years are aimed at developing the North Korean economy. However, the proposal faces major challenges, including international sanctions imposed on its nuclear weapons and ballistic missile programs.

North Korea fired two short-range missiles at the weekend, US officials said on Tuesday. However, Washington said the opportunity for dialogue with Pyongyang was still open.

Meanwhile, international observers consider this project to be risky in the midst of a limp economy, locking borders due to the coronavirus outbreak, international sanctions, to the UN warning of food shortages and other human disasters.

"It is very risky for Kim Jong-un to start a high-risk construction project when the other country's major projects are so badly delayed", said Chad O'Carroll, CEO of Korea Risk Group, which monitors North Korea.

However, the project launch may signal an end to the closure of North Korea's strict COVID-19 borders, as they need imported materials for construction.

"Some construction input from abroad will be required for these new apartments, which will only be possible if North Korea starts allowing imports again", added O'Carroll.