LEAPING FORWARD TO BECOME HUB OF
is set to leap forward to be a hub in
Located between the two powers
has been the geopolitical hub of
, witnessing myriad number of invasion or war between the
Now it is now trying to
utilize its geographical location and high-end technologies to
emerge as a local business hub and the gateway to the Asian
market of two billion consumers...
to Serve as Gateway
's master plan for the business hub also includes its
to make most of its traditionally unique role.
last November announced a plan to create an international free
city on the island as gateway for foreign investors and tourists
from around the world.
In a meeting chaired by then
Prime Minister Lee Han-dong, the government endorsed the plan to
turn the island into a hub city in
, where a free flow of human resources, commodity and capital,
coupled with maximum guarantees of enterprise activities, is
The plan features, among other
things, the extension of visa-free passage for foreign arrivals,
especially allowing nationals of 17 hitherto-forbidden countries
to enter the island without visas.
The visa-free initiative will
be applied on a gradual basis and foreign visitors will be
allowed to enter the mainland without visas within a limited
scope. Chinese people will also be able to visit the island
without visas under the new plan.
According to the plan, the
island will extend the maximum period of stay by foreign
tourists to 30 days from the current limit of 15 days through a
revision of the Immigration Law.
Foreign experts in such areas
as foreign language education, information and communications,
bio-engineering and the tourism industry will be able to stay
for up to five years from the current limit of three years.
Investors, both domestic and
foreign, who pour between $10 million and $30 million into
tourism facilities, will be exempted from corporate and income
taxes for three years after the start of business, a move aimed
at expediting the inflow of foreign investment.
Tariffs will not be imposed on
imports of equipment and other facilities for such foreign
Foreign investors who enter
the so-called free trade zone near
will be exempted from corporate, income and provincial taxes for
To provide convenience for
foreign investors, all administrative organizations on
will have to receive and offer official documents in English.
Elementary, middle and high
will be permitted to employ foreign teachers for a maximum of
To expedite the development
project, the government plans to pour 2.9 trillion won for the
construction of infrastructure such as an airport, ports and
roads, and another 1.7 trillion won for the construction of
industrial complexes, residential and shopping areas, and parks.
Tax-free shops will be set up
at airports and ports exclusively for local consumers to provide
them with the chance to shop at a discount.
construction-transportation ministry recently announced that
students who has lived for longer than three years overseas are
qualified to be enrolled in international schools on
. The former time period was five years.
The ministry said it plans to
place workforces for foreign language services in government
offices on the island.