economy

True to the strategy for readjustment and reinforcement put forward by the Eighth Congress of the Workers’ Party of Korea, the people of the DPRK have waged a struggle for concluding this year’s tasks.

The respected General Secretary Kim Jong Un said in his speech made at the 13th Session of the 14th Supreme People’s Assembly of the DPRK that the fulfilment of the five-year plan designed by the Eighth WPK Central Committee was a certainty in 2025, the important year of marking the 80th founding anniversary of the WPK and nearing its historic Ninth Congress, and that the foundation for achieving prosperity by dint of self-reliance, which was a mere prospect until six years ago when the First Session of the 14th SPA was held, has been definitely established in all fields and the aspect of comprehensive development of socialist construction, which was just an ideal at that time, has already become a sure thing.

The Eighth WPK Congress stipulated the strategy for readjustment and reinforcement as the economic strategy of the present stage for achieving a fresh victory in the DPRK-style socialist construction.

The strategy epitomizes the Party’s revolutionary will to comprehensively readjust and restructure the internal forces of the country and, on that basis, break through all difficulties head-on so as to open a new path of advance.

Upholding the Party’s strategy, all sectors of the national economy including key industries restored and readjusted the economic work system and  the organic relations among sectors and pushed ahead with the work for cementing the self-supporting foundations in the past five years.

After the Eighth Party Congress, many factories and enterprises in the key industry sectors were upgraded with modern equipment and set up rational production processes so as to expand their production capacities.

The Kim Chaek and Hwanghae iron and steel complexes and other leading metallurgical bases established energy- and labour-saving production processes, the Hungnam Fertilizer Complex and Namhung Youth Chemical Complex further increased their production capacities and machine-building bases like the Kumsong Tractor Factory raised their level of modernization to have bright prospects for the mass-production of high quality machines.

The electric power industry is increasing the electricity output by dynamically pushing ahead with the efforts for readjusting, reinforcing and modernizing its existing production foundations.

At the Pukchang Thermal Power Complex, a leading power-generation base of the country, generator No. 3, which restored its original capacity and was renovated on a modern basis, is operated on a higher level than expected, thus generating hundreds of thousands of kWh of more electricity every day than the preceding periods while reducing the coal consumption.

The electric power industry audaciously pushed ahead with the effort for restoring the original capacities of hydropower generation facilities and equipping them with advanced technical means and simultaneously pushed the gigantic work for reinforcing the infrastructure of the power transmission and transformation system, registering high records in electricity production.

The coal industry is making an unprecedented upsurge in production, which is the brilliant fruition brought about by the validity and vitality of the Party’s policy on readjustment and reinforcement.

Especially, hundreds of highly efficient compressors have been manufactured domestically and almost all coal mines across the country have been installed with them, making it possible for the coal industry to secure more reserve coal pits by further raising the tunnelling speed.

While turning out concentrated iron ores in a vigorous way, the Musan Mining Complex provided a guarantee for proper production and supply of different kinds of steel and other castings by establishing a new bearing steel production process based on advanced technologies and building a modern electric furnace.

The complex conducted a 650 000-cubic-metre blasting last January for the first time in decades by relying on its solid foundation for independent development and, on October 1, succeeded in a 2 500 000-cubic-metre blasting for the second time since its inauguration.

The Sangwon Cement Complex is waging a campaign for increased production to implement its extra production task which is more than ten times higher than the extra production result of last year when the complex recorded all-time high in production over and above the plan. The Sariwon Tractor Parts Factory, which has been upgraded and modernized, is manufacturing high quality parts conducive to the mechanization of farm works.

As material and technical foundations have been consolidated further and production potentialities increased in key industries, remarkable successes were made in the economic sectors directly linked to the people’s livelihood, including agriculture and light industry, and the construction and building-material sectors, encouraging all people to work harder for the completion of the five-year plan.