On Tuesday April 7, 2015 the South Korean government approved a foreign investment promotion bill specific to the Saemangeum area. The bill lifts restrictions currently in place against foreign investment. The Foreign Investment Promotion Bill now exempts foreign companies from requirements such as hiring employees who are veterans, senior citizens or disabled. The companies are also qualified to provide unpaid vacations to employees and allowed to hire short-term laborers for a longer amount of time than is normal.
The bill also makes registration for foreign-only casinos simpler. The current law only qualified hotels with $500 million investments to register as foreign-only casinos. Under the new law prospective developer/investors could first be screened by the Minister of Culture, Sports, and Tourism before seeking official permission, which may be a more inviting process.
Saemangeum is reclaimed land of 40,200 hectares located in North Joella Province. It has the world’s longest seawall, which runs 33.9 kilometers.