The country is set to strengthen its overall requirements for benefits allowed to foreign-invested firms, but also beef up incentives for those that help create new jobs, the government said Tuesday.

Starting Wednesday, only companies with a 30-percent or higher stake owned by foreign investors will be entitled to private contracts on the lease of land within free economic zones in the country, according to the Ministry of Trade, Industry and Energy.

Previously, any company with foreign ownership of over 10 percent and 100 million won ($88,500) in foreign investment had been allowed to sign free contracts on the lease of land at a preferred rate.

However, such easy and economic access to FEZs will still be afforded to companies that hire over 300 employees in the manufacturing sector or 100 workers in the service industry regardless of the size of their foreign investment, the ministry said in a press release.

Companies with a foreign investment of $30 million or more in the manufacturing sector or $10 million in the logistics industry will also be entitled to such contracts, along with companies that bring in new technologies. (Yonhap News)