Korean Publication Market Wide Open to ForeignersFrom the beginning of 1999, foreigners can freely own book and periodical publishing businesses. The Ministry of Economy and Finance (MOFE) plans to confirm details for the opening schedules and put in force this program on January 1,1999.
MOFE originally planned to open not more than 50% of the publishing sector but changed its decision. The government will also totally open markets in alcohol manufacturing and outport cargo transportation. Additionally, foreigners can partly own and operate casinos from May 1, 1999 and livestock rearing and the wholesale meat business from January 2000.
The limit for news service businesses is expanded to 25% and inner port passenger transportations and periodic air transportations will keep their 50% limit.