Busan is good

Construction of new port's logistics center to be accelerated

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The government held an economic ministers' meeting Friday, presided over by Deputy Prime Minister Lee Hun-jae, and concluded its policies for enhancing the competitiveness of service industries and those for the improvement of the nation's logistics system.

According to the government's new policies, new-born companies in the service industry like film, advertising, international convention, hotel, and care for senior citizens and children will get a corporate tax break of up to 50 percent over four years beginning in January, next year. The new policies entitle service companies to the same tax benefits as those enjoyed by manufacturing companies.

Those companies that are housed in industrial complexes, for example, will be entitled to local tax breaks, as manufacturing concerns currently are. Service companies that move out of the capital region will also be exempted from registration and acquisition taxes.

Even when the companies purchase or build dormitories for their employees, or train them, they will get the same tax breaks as manufacturing companies do. The government will also look into possibilities of utilizing idle plots in a number of industrial complexes, including the possibility of developing them into resorts.

Meanwhile, New Busan Port will see the acceleration of the construction of its port logistics center from 2008 to 2006, which will stretch over a site covering 220,000 pyong, or 700,000 square meters.

The source of news : Busanilbo, Saturday March 20, 2004, 10:29