Government Gambles on Foreign Ownership

Starting in May 1999, foreigners will be able to open their own casinos in Korea. Moreover areas in liqour distilling, shipping, and publication will be open to foreigners as well.
The Ministry of Finance and Economy, on October 8, announced this course of action and will present this bill before the National Assembly to induce more external capital.
Management and ownership in the casino industry will be open to foreigners as long as applicants obtain permission from the Korean government just as Korean applicants face similar requirements.
Alcohol production has been only limited to joint ventures so far, but commencing next year the mandatory regulation will be nullified.
The investment limitations on newspaper publications will be raised from 25% to 33%, while general publication will allow more than 50% foreign ownership as well.
Nevertheless, businesses directly related with domestic farmers and fishermen such as plants and nurseries, will remain closed to foreign investment.