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Gov't approves foreign investment promotion bill

According to Yonhap News,

(SEOUL=Yonhap News) The government Tuesday endorsed a bill lifting restrictions on foreign investment in reclaimed land in the country's southwestern region.

The bill exempts foreign enterprises in the Saemangeum area from requirements to hire people with disabilities, veterans and senior citizens.

These businesses also would be qualified to give unpaid vacations to their employees and hire short-term laborers for a longer period of time in wider sectors than usual.

The bill also simplifies the registration process for foreigners-only casinos.

Under the current law, only casinos that are attached to luxury hotels and have at least US$500 million of investment are qualified to register.

Other benefits include cheaper rent and state-subsidized hospitals for foreigners.

The Saemangeum area in North Jeolla Province spans 40,200 hectares and is home to the world's longest seawall at 33.9 kilometers. It was completed in 2006 to attract businesses in a variety of fields, including agriculture and renewable energy.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (April 07, 2015)

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