Posted April. 28, 2005 23:39,
By as early as October, foreign schools operated directly by foreigners will be built in the Free Economic Zones (FEZ) and in Jeju Free International City. This is expected to spur some energy in attracting more foreign investment into the FEZs, including Songdo in Incheon, and Jeju Free International City.
The education commission in the National Assembly held a sub-committee meeting on April 28 for legislation reviews and passed the revised version of the Special Law on the Establishment and Operation of Foreign Educational Facilities in the Free Economic Zones and Jeju Free International City, which will enable the establishment and operation of educational facilities run by foreigners in the FEZs. The committee submitted the proposal to the general meeting. This legislation is expected to be processed through the plenary session of the National Assembly on May 4 after passing through a review from a general conference of the educational commission.
This legislation will enable foreign non-profit educational organizations with prior approval from the Ministry of Education to build and operate elementary and intermediate high schools and colleges in the FEZs, and allow the operation of colleges in Jeju Free International City.
The controversial issue about the proportion of Korean students admitted to the schools is to be determined according to a presidential order. Regarding the acknowledgement of the scholastic attainment of Korean nationals at these foreign schools, the original plan, in which only the completion of a designated curriculum could be approved as a legitimate scholarly accomplishment, was accepted as is.
Also, the legislation altered the stipulation about transferring any profit surplus to the home nation of these foreign educational organizations, and banned the remittance of any profit surpluses.