Gov't to ease immigration rules for foreign investors

By Lee Joon-seung
SEOUL, Feb. 10 (Yonhap) -- South Korea will ease entry rules for business
travelers to help fuel foreign investment in the country's free economic zones
(FEZ), the government said Tuesday.
The revisions go into effect next month and will permit prospective investors who
have yet to sign formal deals to use express immigration desks when entering the
country, according to the Ministry of Knowledge Economy.
Seoul currently allows businesspeople who have invested in the country to use
immigration desks at airports and ports that are reserved for diplomats and
government officials.
"The special benefit will be offered to businesspeople who have submitted or
signed memorandums of understanding or letters of intent, even if no formal deal
has been reached," a ministry official said.
The benefit can be maintained for up to two years to facilitate entry and
departure, he added.
The move is part of a government effort to attract investment into the 10 FEZs
that Seoul hopes to build to help the country to become an economic hub in
Northeast Asia.
The government also claimed easing immigration rules could help the country meet
its foreign direct investment (FDI) target of US$12.5 billion in the face of
worldwide economic slump. This would be a modest gain from the $11.7 billion that
flowed into the country last year.
Other changes will make it easier for university professors, researchers and
those engaged in specialized work to get entry, work and temporary residence
visas.
The ministry in charge of industrial policy and trade promotion said such
measures are essential, as the Incheon FEZ alone may require up to 1,000 foreign
experts to teach and conduct research at schools and laboratories.
yonngong@yna.co.kr
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