The Ministry of Knowledge and Economy said on Tuesday that the revised rules of the Foreign Investment Promotion Act that aimed to improve business services for foreign investors would take effect in June.

The revised ordinances aimed at sorting out qualified foreign firms and providing them with benefits in terms of financing and services, officials said.

Under the new system, access to state-owned or public land will only be allowed for firms that maintain a foreign investment proportion of 30 percent or more for five consecutive years.

Currently, local governments may freely enter a private contract with foreign firms, as long as they meet the minimal requirements.

Also, information technology service businesses with assets worth $30 million or more will be qualified to apply for an individual investment zone ― a system which allows foreign investors to designate the region, period and incentives of their investment.

(tellme@heraldcorp.com)