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Untitled Document
| Overview
of the Tourism Industry |
Overview
Tourism is one of the most important schemes to meeting the pursued desires
of mankind in the 21st century, and tourism along with knowledge & information
technology and environment, is emerging as a major industry of the 21st
century.
Revenues from tourism, yielding of job opportunities, invigoration of the
regional economy and so
on, are being considered as significant objectives in policy making.
Tourism is a greatly welcomed area within the leisurespending market. Failure
to quench the desires of the customers may consequently lead tourism to
becoming assimilated into other competing areas, or may direct their customers
to turn to travelling abroad instead.
A dramatic change is coming about in the population structure due to growth
in economy and increase in the leisure time. |
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Tourist facilities and services
must be expanded to be able to accommodate the increase of the senior population. |
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A new change is anticipated
in the digitally relevant tourism market by the versatile and colorful expression
of the Ngeneration spawned by the Information age. |
| Efforts to preserve the environment is directly affecting the tourism industry. |
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There ought to be an increase
in environment preserving activities centered around the government or civil
groups. |
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More interest on natural
or ecological tourism and persistent development of tourism products is
demanded. |
| Tourism
Policy and Status of Implementation |
| Development of
projects for promoting profitability and attracting foreign capital in the
form of direct investment |
| Tourist Accommodation
Business Area |
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Expansion and enlargement
of tourist hotels and attracting investments for mid-low priced hotel franchises. |
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Establishment of family
hotels, recreational condominiums, Korean traditional houses, old houses
as tourist accommodation facilities. |
| Sport Leisure
Complex and Recreational Business Area |
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Expansion of large theme
parks and leisure facilities and development of small-medium sized theme
park facilities |
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Construction of recreational
resorts with spectacular natural scenery and transportation (golf course,
sports & leisure facilities) |
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Support for establishment
of local convention centers |
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Nurturing of Convention
professionals |
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Support for hosting and
attracting large international conference and events |
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Development of complex,
versatile tourist attraction such as family, game-leisure, shopping tourism
facilities. |
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Development of multimedia
facilities for new generation tourists of the 21st Century. |
| Reinforcement
of various incentive system for tourism industry |
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Deregulation (overseas remittance,
tax exemption, liberalization of investment) |
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Land purchasing related
incentives and support for investment area development |
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Simplification of administrative
services |
| Improvement of
investment environment for inducing foreign investment in the tourism industry |
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Connecting regions and expanding
of domestic, international transportation network |
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Persistent improvement in
living conditions and environment for attracting investment within investment
area. |
| Execution of promotional
activities for attracting more foreign tourists and induce foreign investments |
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Improve international promotional
efforts (establishment of pan-governmental system of support for promotion,
online promotion and marketing reinforcement) |
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Reinforcement of tour-guide
system (language communication, establishment of high-tech guiding system,
expansion of tourism guide centers) |
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Nurturing of professional
workers in tourism at the international level (establishment of professionals
education center) |
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Persistent attraction of
foreign tourists (China, Japan, Southeast Asia and Americas etc.) |
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Development and promotion
of tourist culture products (genuine culture product, regionally specialized
product) |
| Liberalization
of Foreign Investment |
| Guarantee of profit
repatriation |
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Dividends and proceeds from
stocks earned by foreign Investors |
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Principal interest and commission
payed by long-term loan contract |
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Cost payed by technology
introduction contract |
| Equal treatment
with Korean nationals |
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Foreign Investor and foreign
investment enterprise, unless otherwise stated under the law as a
specified regulation, will be treated equally upon operation of business
as the nationals or the
domestic enterprise.
Upon matters regarding tax exemption or reserved procurements for selling of properties, there will be more incentives for foreigners than tthose for the nationals. |
| Liberalization
of foreign investment |
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Unless it opposes the law,
in principle, it is stipulated that there are no regulations in foreign
investment |
| Foreign investment
target business |
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Partially opened business
:
27 Units. (Foreign Investments are allowed upon meeting the permission criteria) |
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Closed business : 2 Units.
(radio broadcasting business, television broadcasting business)
According to the tourism promotion act. there are no regulations for tourism business |
| Land acquisition
by a foreigner |
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When a foreigner acquires
domestic land, acquisition of the land is permitted merely by reporting,
regardless of the purpose of it use. However, exceptions apply to land within
military facility protection zone, cultural assets protection zone, ecological
preservation area, and land acquisition of certain island area required
for military purposes need prior permission. |
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