Kim Jong Un. (Flickr Creative Commons/petersnoopy)

The Wednesday meeting, hosted by the newly formed Korean Economic Development Association, invited economic academics and experts from 13 different countries - including the U.S., Canada, India and China - to inspire discussion on North Korea's future economic development with 60 local participants.

"These zones are already starting to be organized all over the country," said Ri Chol Sok, president of the KEDA, an organization created to attract and assist potential foreign investors.

North Korea's recent efforts to open new special economic zones are predated by multiple failed attempts at controlled engagement with foreign economic powers.

During the early 1990s, the Rason Special Economic Zone was built with similar intentions but very limited results.

North Korea had also collaborated economically with South Korea at one point before north-south tensions became too thick, resulting in the abandonment of the Kaesong joint industrial zone.

There are a few North Korean economic zones along the northern Chinese border that are jointly operated by the Chinese, but are still in very early stages of development.

Though Pyongyang had shown attempts to revitalize the North Korean economy, it was always reluctant at relinquishing state control, making the decision to open up to foreign investors on an international scale a step away from their usual economic policies.

Despite Pyongyang's promises of subsidized land use, labor, and taxes, many foreign investors still consider North Korea too risky for business.

Analysts say, however, Pyongyang is taking this attempt at an economic fresh start seriously, especially since leader Kim Jong Un announced reviving North Korea's economy as one of his main priorities.

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