(SEJONG=NEWSIS) The Korean government will ease regulations on free economic zones (FEZs) through regulatory reform in an effort to boost foreign investment.

The Ministry of Trade, Industry & Energy (MOTIE) held its third hearing on deregulation for FEZs and free trade zones (FTZs) at the Korea International Trade Association in downtown Seoul on May 18. The ministry said it will abolish 17 of the existing 58 regulations (29 percent) and improve 11.

Regarding FEZs, the ministry plans to significantly reduce procedures for business development and eliminate regulations that hamper foreign investment.

Authorities also decided to reduce eligibility requirements for development project operators to attract various businesses and lighten the burden of operators.

The ministry also presented plans to improve “lump sum regulations” on education, healthcare and tourism in consultation with related government ministries to foster FEZs as a high value-added service hub.

“The ministry will deal with regulations that are easy to fix as soon as possible. Issues that require discussions with related authorities are to be covered in the second half of the year. The ministry will proceed with changes in legislation in the first half of next year,” said a ministry official.

oj1001@newsis.com

Source Text

Source: Newsis (May 19, 2014)

** This article was translated from the Korean.