Kim reaffirms continued boost for venture biz

The government will make a final decision on whether to continue the Saemankum reclamation project by the end of next month, and is also studying a plan to bring the 2010 Winter Olympic Games to Muju, Chollabuk-do.

In a briefing for President Kim Dae-Jung on the provincial administration of Chonbuk on Thursday, Government Administration-Home Affairs Minister Choi In-Kee said that since environmental problems with the reclamation project were raised and a joint private survey report submitted to the Prime Minister's Office in August, his ministry will examine the document and announce the government's comprehensive measures in November.

Construction-Transportation Minister Kim Yoon-Ki reported that the hosting of the 2010 Winter Olympics would enhance the nation¡¯s standing, adding that the question is under study by the state policy coordination office and other related agencies.

After receiving the briefings, President Kim said in connection with the Dongbang loan scandal that the government would not change its basic policy of fostering venture businesses merely because of some irregularities committed by some venture professionals.

The President emphasized that venture entrepreneurs should contribute to national development through normal business activities based on ethics and an enterprising spirit, noting that all of them should not suffer due to some delinquent businessmen.

Attending the groundbreaking ceremony for the construction of a free trade zone in Kunsan, Kim revealed a policy to provide all foreign investors with tax favors and set up a free trade zone commission to solve all problems with foreign enterprises.

President Kim went on to say that the government would exempt income taxes for foreign investors completely for seven years and by 50 percent for the next three years, as well as cut all registration and acquisition taxes for 100 years.

The President said that the government would develop the free trade zone into a non-restrictive, customs-free and international complex, free from various domestic law stipulations.