North Jeolla, in consultations with US and Chinese investors
South Korea relaxes foreign investment conditions
2015-04-13
Reading time 30 seg
In South Korea, officials have endorsed a bill that would ease foreign investment conditions in Saemangeum, a plot of reclaimed land in North Jeolla province in the country’s southwest that’s being groomed for a potential foreigners-only casino resort.
Korean news agency Yonhap reported that part of the bill’s purpose was to simplify the registration process for these projects, doing away with an existing caveat that requires casino developments to have at least $500 million of investments and for these casinos to be attached to luxury hotels.
The provincial government in North Jeolla is in the middle of consultations with potential US and Chinese investors about the possibility of developing an integrated resort and casino in the reclaimed area, which has 40,200 hectares of ripe land space for a future casino project.
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