Korea has been becoming more popular as a Asian holiday spot, significantly improving the country's tourism revenue, a J.P. Morgan report said Thursday.
"Korea is emerging as a preferred vacation spot in Asia and the momentum appears to be intact despite global slowdown, with the implementation of more relaxed visa requirements to Chinese implying further growth in inbound traffic," Chang Sung-min, an analyst at J.P. Morgan, said in the report.
Starting from August, Chinese tourists heading for South Korea will find it easier to apply for visas, the South Korean Ministry of Justice said earlier on Tuesday.
Under the new visa requirements for Chinese tourists, multi-entry visas will be issued not only to those with professions such as doctors and college lecturers, but also to medical tourists, executives from foreign enterprises in China and employees of China's state-owned enterprises.
J.P. Morgan said by relaxing visa requirements for Chinese tourists, South Korea will further boost its already booming inbound tourist traffic.