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Gov"t Announces Pivotal Measure for Vitalizing Local Economies

Feb 12,1999
The government announced a pivotal measure for vitalizing local economies on February 12.
According to the measure, the government will automatically designate sites as special investment zones for foreigners, and confer tax privileges, if a particular site attracts more than 100 million dollars.
The government will support necessary funds to local governments so that they may induce foreign capital and provide a variety of special privileges to foreign investors.
For the measure, the government will focus more on areas outside the Seoul Metropolitan area, which already has such areas and is highly saturated.
The government will provide informations about foreign investors to local governments through the Korea Trade and Investment Promotion Agency.


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