Korea eases investment regulations on Saemangeum

On 24 July 2015, the national assembly passed a law which reduced regulations to encourage foreign investment into a development project on Saemangeum, an area of reclaimed tidal land located on the southwest coast of Korea. For example, foreign companies operating in this area will be exempt from some compulsory employment regulations, such as the preferential treatment to senior citizens or the disabled when hiring workers. Moreover, foreign companies will not be required to provide employees with paid holidays and they will be allowed to hire more short-term workers for longer periods of time in wider sectors. The new law comes into force on 12 February 2016.

• Type:

  • Treatment and operation (Operational conditions )
  • Promotion and facilitation (Special economic zones)

• Industry:

  • Not industry specific

• Sources:

  • Korea.net, Saemangeum eases regulations to attract investment, http://www.korea.net/NewsFocus/Policies/view?articleId=126840, 09 Apr 2015
  • Invest Korea, Gov't approves foreign investment promotion bill, http://www.investkorea.org/ikwork/iko/eng/cont/contents.jsp?code=102060101&no=608300001&url_info=bbs_read.jsp&bno=504070016&sort_num=1718&l_unit=90202&m_unit=&s_unit=, 07 Apr 2015
  • The Korea Times, Gov't promotes foreign investment in Saemangeum project, http://www.koreatimes.co.kr/www/news/nation/2015/04/116_176703.html, 07 Apr 2015