November 20, 2009 17:01 PM

South Korea To Ease Investment Rules, Foreign Entry Procedures

SEOUL, Nov 20 (Bernama) -- South Korea plans to ease domestic investment rules and foreign entry procedures by 2020 in a bid to vitalise tourism, China's Xinhua news agency reported quoting the nation's culture minister as saying Friday.

South Korean President Lee Myung-bak and Culture Minister Yu In-chon met on Friday to discuss ways to devise a plan to increase the number of overseas tourists and the amount of foreign investment.

As part of their effort, they decided to lower land lending prices by up to 30 percent for firms developing tourism-oriented facilities and give permits for new duty-free shops in the cities of Daegu and Yeosu, which plan to host international festivals, the culture ministry said.

According to Culture Minister Yu In-chon, new strategies are needed to keep up the increasing move in tourism and investment as the number of overseas travellers increased by 15 percent this year.

With the increased influx of foreign visitors, South Korea marked a US$320 million-profit in the tourism industry for the January-September period.

The most urgent task for the country, said President Lee, was to improve and develop its cultural and tourist assets, as well as its safety measures, citing the recent fire at a shooting range in Busan that took away 11 lives, including seven Japanese tourists.

The South Korean government is planning seven large cultural events, including the Korean Wave Festival and the Global Food and Tourism Festival as part of its 2010-2012 "Visit Korea" campaign.

-- BERNAMA

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