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Saemangeum to Draw Investments from Different Nations

According to Yonhap News,

(SEOUL = Yonhap News) The South Korean Government will step up its efforts to attract more private investments by largely modifying the initial business plans for Saemangeum project and establishing country-by-country economic cooperation special zones.

Prime Minister Jong Hong-won held the first meeting of the Saemangeum committee and decided the new supplementation measures for Saemangeum project. The measures focus on the establishment of the country-by-country economic special zones and development of tourism industry within the region.

The government decided to make the Saemangeum region as the economic cooperation special zone in a bid to accelerate the internal development of the large national project.

Specifically, the government will establish the economic cooperation complexes for the FTA contracting parties and provide customized incentives for the companies. It also plans to differentiate the investment environment of Saemangeum from other regions by building an investment service center to provide one-stop licensing services.

Public agencies will take the lead in modifying the initial business plan of Saemangeum and participate in adjusting the land use plans and provide various incentives to the companies.

The government will also develop the Saemangeum area as tourism spot in the short term by using the region’s large lakes (245㎢), land (156.3㎢) and seawall.

Prime Minister Hong said the government will spare no efforts to develop Saemangeum area an attractive investment and the center of the world economy by establishing infrastructures and differentiated investment incentives to the companies.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (Dec. 26, 2013)

** This article was translated from the Korean.