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Foreigners Can Participate In Developing New Cities

Sept 08,1998
Starting next year at the earliest, private Korean companies and foreigners can take part in developing new towns or satellite cities near existing cities.
The Ministry of Construction and Transportation announced on September 5 that it had written a city development law with these new amendments and will submit the bill to the National Assembly within the year.
Up until now, the government has limited such city development to only the central government, local government and state owned institutions.
Therefore, this revised law's meaning is to pave the way for private companies including foreigners to participate in developing cities for the first time.


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