JEOLLABUK-DO < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) The system for the use of land in the Saemangeum area will be simplified to encourage investment in the Saemangeum project.

The foreign-invested companies in the Saemangeum area will be free from some labor regulations to promote foreign investment.

The Ministry of Land, Infrastructure and Transport and the Korea Agency for Saemangeum Development and Investment stated on Oct. 13 that the revised Special Act on Promotion and Support of Saemangeum Project will be pre-announced Oct. 14.

According to the revised Act, the system for the use of land in the Saemangeum area will be simplified than the standard.

At present, the use of land is divided into eight sectors including agricultural land, complex city land and industrial land, which make investment attraction difficult.

Therefore, the system for the use of land will be simplified to six sectors for investment, such as industrial research land and tourism & leisure land.

Also, foreign-invested companies that move into the Saemangeum area will be partially exempt from labor related regulations to ease the burden on the companies.

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