Global Briefing: Dec. 24, 2001

South Korea Plans Its Own Hong Kong

Cheju Island, considered the Hawaii of Korea, is a scenic paradise and favorite destination of honeymooners. But South Korean officials would prefer Cheju--50 miles off the tip of the Korean peninsula--to be more of a trading center, like Hong Kong. The Seoul government plans to invest some $3 billion over 10 years to attract high-tech firms. Among the enticements: any business that invests $10 million will get five years of tax breaks. Each South Korean will be allowed to spend $1,200 on duty-free purchases from Cheju each year. And perhaps most appealing to business--imports...

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