BUSAN < invest Korea

The East Busan Tourism Complex (EBTC) and Haewundae Tourism Resort, where the new Public Business Immigrant Investor Scheme can be applied from last month, begin to attract foreign investors.

The scheme grants F-2 visas, which allow free economic activities, to foreigners who have deposited or invested more than a stipulated amount in hotels or condominiums designated and publicly announced by the Minister of Justice and F-5 visas after five years.

The Ministry of Justice has designated hotels (for investments over KRW 700 million) in the Haewundae Tourism Resort and condominiums, hotels, vacation homes and pensions in EBTC under the scheme.

The Busan Metropolitan Corporation (BMC), the developer of EBTC, announced last Thursday that it will hold investment information sessions overseas with the Korea Tourism Organization to attract foreign investment.

As Japanese companies have invested in EBTC greatly, the BMC expects to see active investment from China and other countries with the new Public Business Immigrant Investor Scheme.

El-city PFV, developer of the Haewundae Tourism Resort, signed a memorandum of understanding with a Chinese company early this year, and also invited the investors in May to introduce project plans.

The Chinese company is also to be reviewing investment of KRW 1.2 trillion in hotels in the Haewundae resort.

An El-city PFV insider noted that Haewundae and East Busan have beautiful scenery with outstanding settlement conditions for foreigners, adding that foreign investment will gain momentum with the new scheme.

Source: Yonhap News (June 14, 2013)

** This article was translated from the Korean.