South Korea will lower the requirements for foreign-invested firms to receive financial incentives as it seeks to attract over US$20 billion in fresh foreign direct investment (FDI) for the first time, the government said Sunday.
Currently, FDI in any given company or joint venture must be at least twice the value of the land borrowed inside a foreign investment zone (FIZ) in order for the company to qualify for the special rental rate, which is 1 percent of the land value, according to the Ministry of Trade, Industry and Energy.