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Institutions to be Overhauled for More Investment in Saemangeum
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According to Yonhap News,



A bird’s-eye view of Saemangeum Industrial Complex

Saemangeum Gunsan Free Economic Zone Authority has laid the groundwork for the internal development of the industrial complex and tourism complex over the past two years.


Bonded areas will be designated and permanent residency will be granted to investors for the purpose of promoting the development and investment of Saemangeum Industrial and Tourism Complex.


Saemangeum Gunsan Free Economic Zone Authority said on February 4th that it would have discussions with the central government on plans to grant permanent residency to foreigners, who invest at least a specified amount, aimed to invigorate foreign investment.


Foreigners would receive F-2 visas in cases when they invest over KRW500 million in properties related to leisure and tourism, and F-5 visas in cases when they stay in Korea for 5 years or more.


The U.S., Hong Kong, and many other countries have offered benefits such as long-term visas and permanent residency to property investors in order to promote foreign investment. Saemangeum Gunsan Free Economic Zone Authority said similar systems have started in Jeju Special Self-governing Province in last year in Korea.


Currently, tariffs in free economic zones are reduced or exempted for four years exclusively for foreigners, causing difficulties in attracting companies. This is why general bonded areas will be designated that offer permanent reduction or exemption of tariffs.


Saemangeum Gunsan Free Economic Zone Authority said “Saemangeum is a national project and aims to grow into the hub city of Northeast Asia. Considering its symbolic meaning, we have to designate general bonded areas and provide permanent residency for property investors which will contribute to attracting Chinese investment.”


Source Text


Source: Yonhap News (Feb. 04, 2011)


**This is an English translation of a Korean news article.