By Na Jeong-ju
Staff Reporter

The administration plans to complete the 18 year-long construction of seawalls on the southwestern coast for the Saemangeum reclamation project and allow vehicles to enter the reclaimed land by the end of this year.

It will have spent 3.236 quadrillion won to construct the seawalls and build a transportation network inside the 40,100-hectare reclaimed area.

The plan was approved at the first round of the 14-member Samangeum Committee, presided over by Prime Minister Han Seung-soo.

The government plans to frontload the budget to complete the project as early as possible and hold an investor relations session in March to draw investment from local and foreign institutions.

``Saemangeum will be home to developers of green growth and low carbon technology, the country's new economic growth engines,'' Han said.

The government has drafted special legislation for the industrial development of the tidal areas, which President Lee Myung-bak hopes will become the ``Dubai of Northeast Asia.''

The key aspect of the law revision is to increase the proportion of land assigned for industrial development to 70 percent and reduce that of agricultural land from 70 percent to 30 percent.

The revision also extended the range of support for foreign investment.

The firms that will settle in the industrial zone will be offered various medical and educational facilities, as well as reduced taxes and rental fees.

The proposed special law also calls for easing conditions on the establishment and operation of foreign schools.

jj@koreatimes.co.kr