It was announced last week that the Korean authorities are seeking to increase the attractiveness of the country's free economic zones (FEZs) by extending tax breaks, reducing operating costs, and making it quicker and easier to invest and work in the zones.
Following a National Competitiveness Commission meeting on Friday, Knowledge Economy Minister, Lee Youn-ho revealed that tax breaks and exemptions available to companies establishing themselves in FEZs are likely to be extended from five years to seven, and that red tape is likely to be dramatically reduced in the area of establishing new businesses in the zones, in order to speed the process.
Additionally, in order to attract the desired five foreign universities and 10 high-tech laboratories to FEZs by 2012, entry requirements will be reduced for investors and workers.
According to official reports, the government plans to force competition amongst the country's six FEZs by allocating support according to how successful they are in attracting investment.
The Ministry of Knowledge Economy may also seek the creation of a designated law to govern FEZs, Lee reportedly revealed.
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