South Korea to facilitate foreign investment 

(MENAFN) South Korean Culture Minister said that the government plans to ease domestic investment rules and foreign entry procedures by 2020 in a bid to vitalize tourism, Reuters reported.

South Korean President Lee Myung-bak and Culture Minister Yu In-chon met to discuss ways to devise a plan to increase the number of overseas tourists and the amount of foreign investment.

As part of their effort, they decided to lower land lending prices by up to 30 percent for firms developing tourism-oriented facilities and give permits for new duty-free shops in the cities of Daegu and Yeosu, which plan to host international festivals, the culture ministry said.

According to Culture Minister Yu In-chon, new strategies are needed to keep up the increasing move in tourism and investment as the number of overseas travelers increased by 15 percent this year.

With the increased influx of foreign visitors, South Korea marked a $320 million profit in the tourism industry for the January-September period.

The South Korean government is planning seven large cultural events, including the Korean Wave Festival and the Global Food and Tourism Festival as part of its 2010-2012 "Visit Korea" campaign.