Foreign Investment Promotion Act.

The purpose of this Act is to promote foreign investment in Korea by providing necessary support and benefit and to contribute to the sound development of the nation's economy. The Act consists of 37 Articles.
Except as otherwise prescribed by the Acts of the Republic of Korea, a foreigner may engage in, without restraint, various activities of foreign investment in the Republic of Korea (Art. 4). Foreign investors and foreign-capital invested companies shall be treated in the same manner as nationals of the Republic of Korea or Korean corporations are treated in respect of their business operation, except as otherwise prescribed by other Acts (Art. 3). A Foreign Investment Committee shall be established under the Ministry of Trade, Industry and Energy to deliberate matters concerning the basic policy and schemes for foreign investment, integration and coordination of the measures to improve an environment for foreign investment; the criteria for tax reductions or exemptions for foreign-capital invested companies; etc. A Foreign Investment Support Center shall be established in the Korea Trade-Investment Promotion Agency in order to conduct consultations. In order to resolve complaints from foreign investors and foreign-capital invested companies, foreign investment ombudsmen shall be commissioned from among persons with abundant knowledge and experience in foreign investment affairs. The Mayors/Do Governors may designate a zones as a foreign investment zone following deliberation thereon by the Foreign Investment Committee.
The Act further makes provisions, inter alia, for: plans to stimulate foreign investment, lease and sale of state or public property, support measures for foreign investment zones, reporting, investigation, and correction concerning foreign investment, offences and penalties.