MOSCOW (Sputnik) -South Korea will expand its free trade zones to provide businesses with relaxed regulations and customs benefits to promote foreign investment and boost 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 the Incheon International Airport free trade zone by around 10 percent to 3.3 square kilometres (about 1.3 square miles). Another zone, located in the southern port city of Busan, is to be expanded by 30 percent to 12 square kilometres (about 4.6 square miles).
An Imperial guard wearing a face mask stands outside the Gyeongbok Palace, the main royal palace during the Joseon Dynasty in Seoul, South Korea, Monday, Feb. 3, 2020
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 industries and create around 22,000 new jobs.
South Korean exports dropped by 0.2 percent in March compared to the same period the previous year due to the pandemic.
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