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The South Korean government has eased visa regulations on foreign buyers in
order to help local small and mid-size firms do business and boost foreign
trade, a trade association said Friday.
According to the Korea International Trade Association (KITA), the Justice Ministry will review a list of local firms made by KITA and grant visas within three days to foreign businesspeople who get invitations from the firms after proper identification checks.
The fast-track visa issuance system started last month and some 12,000 small and mid-size firms with more than US$500,000 in exports recorded in the previous year are eligible for it, KITA said.
The ministry adopted the system at the request of local firms, said KITA.
"Local firms raised their voices against strict immigration regulations when they invite foreign buyers from underdeveloped countries. They now will benefit from the eased rules," said an official from KITA.