Government Allows One New Large Corporation Downtown Duty-Free Store Each in Seoul and Jeju

[Asia Economy Reporter Joo Sang-don]The government will newly allow one downtown duty-free shop each for large corporations in Seoul and Jeju.

On the 10th, the Ministry of Economy and Finance held a Bonded Sales Shop (Duty-Free Shop) System Operation Committee chaired by First Vice Minister Kim Yong-beom and decided to additionally permit two new licenses for large corporation downtown duty-free shops.

One license was granted each for Seoul and Jeju. However, considering the impact on local small business owners in Jeju, the sale of local products and specialties will be restricted for the next two years, and a cooperation plan with local small business owners must be established as a condition.