By Kim hyo-jin
The government will reduce regulations to encourage foreign investment into a development project on Saemangeum, an area of reclaimed tidal land located on the southwest coast of Korea.
The government endorsed a revised bill supporting the Saemangeum project during a Cabinet meeting, Tuesday.
"The deregulation bill is expected to help promote investment and give momentum to the Saemangeum development project," the Ministry of Land, Infrastructure and Transport said in a press release.
Saemangeum was reclaimed after construction of the world's longest 33.9km sea wall connecting Gunsan and Buan in North Jeolla province. It is now being developed as a hub for global free trade and economic cooperation.
The content of the legislation reduces the number of regulations that could deter potential foreign investors.
It excludes foreign businesses from the requirement to give preferential treatment to senior citizens or the disabled when hiring workers.
Moreover, foreign firms will not be required to provide employees with paid holidays and they will be allowed to hire more short-term workers for longer periods of time in wider sectors.
The government is also seeking to simplify registration requirements for foreign developers seeking to build casinos.
Currently, the law only permits investment from businesses intending to spend more than 500 million dollars including construction of a luxury hotel. But the revised bill removes such conditions.
The legislation also reduces rent rates and includes the provision of financial support for facilities such as medical centers for foreign investors.
Prime Minister Lee Wan-koo hinted on Monday that the government would ramp up its effort to spur the Saemangeum project.
At a meeting with Song Ha-jin, governor of North Jeolla Province, Lee said, "I will pay more attention to the project by conducting onsite investigations and reviewing the process on a regular process."
The governor called on Lee to establish a special committee to spur on the project, saying the project is slowing down and has no control tower.
Saemangeum spans 40,200 hectares. Land reclamation was completed in 2006 to attract businesses from various sectors, including agriculture and renewable energy.
The government will reduce regulations to encourage foreign investment into a development project on Saemangeum, an area of reclaimed tidal land located on the southwest coast of Korea.
The government endorsed a revised bill supporting the Saemangeum project during a Cabinet meeting, Tuesday.
"The deregulation bill is expected to help promote investment and give momentum to the Saemangeum development project," the Ministry of Land, Infrastructure and Transport said in a press release.
Saemangeum was reclaimed after construction of the world's longest 33.9km sea wall connecting Gunsan and Buan in North Jeolla province. It is now being developed as a hub for global free trade and economic cooperation.
The content of the legislation reduces the number of regulations that could deter potential foreign investors.
It excludes foreign businesses from the requirement to give preferential treatment to senior citizens or the disabled when hiring workers.
Moreover, foreign firms will not be required to provide employees with paid holidays and they will be allowed to hire more short-term workers for longer periods of time in wider sectors.
The government is also seeking to simplify registration requirements for foreign developers seeking to build casinos.
Currently, the law only permits investment from businesses intending to spend more than 500 million dollars including construction of a luxury hotel. But the revised bill removes such conditions.
The legislation also reduces rent rates and includes the provision of financial support for facilities such as medical centers for foreign investors.
Prime Minister Lee Wan-koo hinted on Monday that the government would ramp up its effort to spur the Saemangeum project.
At a meeting with Song Ha-jin, governor of North Jeolla Province, Lee said, "I will pay more attention to the project by conducting onsite investigations and reviewing the process on a regular process."
The governor called on Lee to establish a special committee to spur on the project, saying the project is slowing down and has no control tower.
Saemangeum spans 40,200 hectares. Land reclamation was completed in 2006 to attract businesses from various sectors, including agriculture and renewable energy.
![[INTERVIEW] 'Now is time for Koreans to unlock potential in Africa'](https://img.koreatimes.co.kr/upload/thumbnailV2/9236a17d88ea472b862b237c9788069d.jpg/dims/resize/178/optimize)
![[INTERVIEW] Meet the man behind giant rubber ducks that once took over Seoul](https://img.koreatimes.co.kr/upload/thumbnailV2/df32c60c8204448e98ccdb9841366bec.jpg/dims/resize/178/optimize)
