MOSCOW (Pakistan Point News / Sputnik - 06th April, 2020) South Korea will expand the size of its free trade zones to provide local businesses with relaxed regulations and customs benefits as a part of measures aimed at promoting foreign investment and boosting exports that are slowing due to the coronavirus pandemic, the Yonhap news agency reported on Monday, citing the South Korean Trade, Industry and Energy Ministry.
According to the news agency, the authorities want to expand the size of Incheon International Airport free trade zone by around 10 percent to 3.3 square kilometers (about 1.3 square miles). Another zone, located at the southern port city of Busan, is to be expanded by 30 percent to 12 square kilometers (about 4.6 square miles).
The news agency also added that the decision will enable the Asian country to raise a combined investment of 1 trillion won ($808 million) from 50 companies from different segments and create around 22,000 new jobs.
The South Korean exports dropped by 0.2 percentage point in March compared to the same period of the previous year due to the pandemic.
