Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

North Korean leader hails nuclear success in opening congress

Published 05/06/2016, 11:44 AM
Updated 05/06/2016, 11:44 AM
© Reuters. A policewoman controls the traffic near the venue of the Workers' Party of Korea (WPK) congress in Pyongyang, North Korea

By James Pearson (LON:PSON)

PYONGYANG (Reuters) - North Korean leader Kim Jong Un on Friday hailed the country's recent nuclear test and launch of a satellite into space, as he opened the first congress of the country's ruling Workers' Party in 36 years.

Wearing a dark western-style suit and grey tie, the 33-year-old was flanked by his top military aide and the titular head of state in a massive hall packed with military and party delegates, according to footage on North Korean state television aired late on Friday.

During the congress, Kim is expected to further consolidate his control over a country that has grown increasingly isolated over its pursuit of nuclear weapons, including its fourth nuclear test in January, which led to U.N. resolutions in March tightening sanctions.

"In this year of the seventh party congress, the military and the people accomplished the great success in the first hydrogen bomb test and the launch of an earth observation satellite, Kwangmyongsong-4, to brilliantly illuminate the prowess of Juche Joson," he said, referring to the North's home-grown founding ideology combining Marxism and extreme nationalism.

"Unprecedented results have been accomplished."

Foreign analysts expect the third-generation leader of the Kim dynasty to formally adopt his "Byongjin" policy of simultaneously pursuing nuclear weapons and economic development.

"Kim is after catching two rabbits, a nuclear arsenal and economic development, and he's likely going to declare the country is a nuclear weapons state, so that's one rabbit," said Yang Moo-jin of the University of North Korean Studies in Seoul.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"He might also lay out a five-year or seven-year blueprint for the development of the people's economy," Yang said.

Foreign journalists invited to cover the event were not permitted inside the April 25 House of Culture, the imposing stone structure draped in red party flags where the congress is expected to run for several days.

Kim has aggressively pursued nuclear weapons and ballistic missile technology. The February satellite launch was criticized internationally as a long-range missile test in disguise.

Giant neighbor China, the North's lone major ally, backed the U.N. resolutions, as it grew frustrated over the nuclear tests.

CHINA'S WORD OF ADVICE

Chinese Foreign Ministry spokesman Hong Lei, asked about the congress at a daily briefing in Beijing, said North Korea was at an important stage in its national development.

"We also hope North Korea can listen to the voice of the international community, and jointly maintain northeast Asia's lasting peace and stability," Hong said.

Thousands of delegates from around North Korea had been expected to attend the first congress to be held since 1980, before the 33-year-old Kim was born. Security guards in suits and ties surrounded the venue on Friday.

The Byongjin policy follows Kim's father's Songun, or "military first" policy, and his grandfather's Juche ideology.

State radio said the Workers' Party congress would "unveil the brilliant blueprint to bring forward the final victory of our revolution", according to South Korea's Yonhap news agency.

North Korean state media has trumpeted a 70-day campaign of intensified productivity in the run-up to the congress, and Pyongyang has been spruced up for the event.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"Miraculous results were produced," KCNA said, touting production in the industrial sector that achieved 144 percent of the target and electricity generation 110 percent, although the actual targets were not given.

Under Kim Jong Un, an informal market economy has been allowed to grow, although it has not been officially adopted as government policy.

However, more taxis and private cars on the streets, more goods in shops and more buildings under construction attest to growing prosperity and consumption among Pyongyang residents.

South Korea has been on alert in anticipation that the North could conduct a fifth nuclear test to coincide with the congress. North and South Korea are still technically at war after their 1950-53 conflict ended in a truce, not a treaty.

North Korea's founding leader, Kim Il Sung, spoke for more than five hours at the last party congress. Kim Jong Il, who almost never spoke in public, did not hold a party congress.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.