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Subject  7/17/07: Regulation of Foreign Colleges Eased in FEZs
Writer KCUE
Data 08-09-19 00:00
조회수 6,914  
<b><center>Regulation of Foreign Colleges Eased in FEZs</center></b>

On July 17, 2008 the South Korean Ministry of Education, Science, and Technology made public the second phase of its plan for increasing university autonomy, and it includes allowing foreign university branches in <a href="http://www.fez.go.kr"><font color="#000ff">free economic zones (FEZ)</font></a> and in <a href="http://freecity.jeju.go.kr/index.eng.php"><font color="#000ff">Jeju Free International City</font></a> to remit profits to their home countries. Notwithstanding other legal obstacles, the country has had difficulty attracting foreign universities because current regulations prohibit foreign educational institutions from transferring earnings overseas.

The plan will also allow foreign university branches to follow the accounting standards of their home country rather than those mandated by the Ministry, and it will permit instructors at domestic universities to hold simultaneous positions at foreign universities. Instructors previously had to temporarily resign from domestic posts before accepting positions abroad.

Officials in Jeju had previously invited several well-known American schools to set up branches in the area, but regulations on foreign remittances turned out to be a major obstacle.<fn>“<fn>

The South Korean government originally designated three FEZs currently under construction in the Incheon, Busan-Jinhae, and Gwangyang areas in 2003; three more were designated in the Pyeongtaek-Dangjin, Semangeum-Gunsan, and Daegu-North Gyeongsang areas in early 2008. The Jeju Free International City project was launched in 2003. All are intended to attract foreign investment to develop South Korea into a business hub for Northeast Asia similar to Hong Kong and Singapore in Southeast Asia.
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For more information:
"<a href="http://news.chosun.com/site/data/html_dir/2008/07/18/2008071800083.html"><font color="#000FF">Oeguk Daehak Bungyo 'Song-geum Jayuhwa'</font></a>” ("외국대학 분교 '송금 자유화'"), <i>Chosun Ilbo</i>, 18 July 2008.
"<a href="http://joongangdaily.joins.com/article/view.asp?aid=2889114"><font color="#000ff">New FEZs to be Test Beds for Deregulation, Ministry Says</font></a>,” <i>Joongang Daily</i>, 26 April 2008.
"<a href="http://english.chosun.com/w21data/html/news/200705/200705150008.html"><font color="#000FF">Jeju Development City Marks 5th Anniversary</font></a>,” <i>Chosun Ilbo</i>, 15 May 2007.</small>

 
 
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