SEOUL, July 10 (Yonhap) -- South Korea will permit two new downtown duty-free shops operated by conglomerates to open in Seoul and on Jeju Island, the finance ministry said Friday.
The government has decided to allow the opening of the two downtown duty-free shops -- one each in the capital city and on the resort island -- on the condition that they are banned from selling well-known local products for the first two years of their operation, according to the Ministry of Economy and Finance.
"The government made the decision to lower the barrier to the duty-free shop business and reflect steady growth of the business before the new coronavirus outbreak (hit the air travel industry)," a ministry official said.
The government plans to choose the operators in December or early next year.
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