Methods of Drawing Overseas Investment in Tourism
Several processes, including the Foreign Investment Promotion Act, have been booked to entice more undeviating overseas venture since the economic disaster hit the Korean economy in the year 1997. As per the act, if any overseas share over US$ 20 million is completed in travel businesses as tourist guesthouses, floating hotels and global agreement capacity, the expanse can be chosen as a Foreign Venture Zone. Initiatives in such regions obtain tax cutbacks and exclusions in agreement with the Special Tax Treatment Control Act. Tax discounts and exceptions for Koreans and outsiders who finance in the tourist fascinations and travel facilities are instructed by The Social Indirect Capital Investment Act.
Korea has reinforced supportive relations with the universal organizations like WTO and APEC, for the intention of evolving their own tourism industry (Lee, 2005, P.839). Supportable tourism was involved in the strategy aims of the Seoul Affirmation and South Korea was designated to supervise execution of this strategy.
Promotion of Medical Tourism:
The South Korean health division was focussed to severe publicity limits under earlier regulation. However, due to the tough competition in the tourism business, the administration is now supporting its liberty in the expectation of growing its economy. Sanatoriums will be permitted to effectively promote and market their facilities through the social media.
The freedom provided to the South Korea’s medical segment is anticipated to endorse the development of medicinal tourism in the Republic. South Korea’s advanced medical resources and competitive prices are expected to see the country become an increasingly important medical tourist destination in the near future. Some travel traders have now undertaken measures to create themselves as frontrunners in this developing arena.
In the year 2007, 6.4 million (approx.) distant travellers visited South Korea, labelling it as the thirty sixth best visited nations in the world and this figure is anticipated to surpass 8.5 million in the coming years (Kim, 2005, p.347). Maximum number of non-Korean travellers arrives from the countries like Japan, China, Taiwan and Hong Kong.