News & Event
- News & Event
(JEJU=NEWSIS) According to the Korea Customs Service (KCS) on January 19, the government has decided to build three duty free shops in Seoul and one in Jeju to promote investment.
It has been 15 years since downtown duty free shops have been built in Seoul and Jeju.
Large-scale companies will not be able to participate in the development of a duty free shop in Jeju. Considering that the existing duty free shops are run by large-scale companies including Lotte and Shilla, the bidding will only be open to small- and medium-sized companies.
The government expects the four new duty free shops will receive about KRW 300 billion of new investment, attract tourists and foreign capital and create about 4,000 new jobs.
"The government plans to establish more duty free shops in the downtown areas to promote new investment and strengthen the tourism service industry with the rapid development of the duty free market as more foreign tourists visit Korea," said a KCS official.
Source: Newsis (January. 19, 2015)
** This article was translated from the Korean.