Policies to Boost Slow Foreign Investment
Beginning in 1999, foreign investment in tourist hotel construction, and international conference centers will receive additional tax breaks of 10% on corporate tax until June 1999.Moreover, by 2000 if domestic facilities introduce a certain amount of foreign investment, they will be designated a 'foreign investment area', which will enable further tax exemptions.
The administration held an economic staff meeting at the Blue House (Chong Wa Dae) on October 20, and decided on this kind of economy-boosting initiatives.
Lee Kyu Sung, the Minister of Finance and Economy said after the conference, 'If the current restructuring movement and 'big deal' exchanges proceed as scheduled, we expect the economic state will be on track in mid-1999.'
Foreigners who invest more than 30 million dollars in tourist hotels, international convention centers and general resort facilities, will be exempted from all national tax for 8 years.
The government will hold another meeting to fully implement this policy.
with the Korea JoongAng Daily
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