Seoul approves foreign investment bill
from web site
The South Korean government has approved a bill to promote foreign investment specialized in the Saemangeum area. The bill is easing regulations on foreign investment that are currently in effect. The Foreign Investment Promotion Act exempts foreign companies from requirements such as employment of veterans, senior citizens or disabled people. Those companies are also eligible to provide unpaid leave to their employees and can hire short-term workers for a longer period than usual.
The bill also makes registration for foreigner-only casinos easier. The current law only qualifies hotels that have invested $500 million to register as foreign-only casinos. Under the new law, prospective development/investment candidates can first be screened by the Minister of Culture, Sports and Tourism before obtaining official permission, which may be a more attractive process.
Saemangeum is a 40,200-hectare reclaimed land located in the state of North Zoellas and has the longest seawall in the world, covering 33.9 kilometers.
