The agreement states that the Korean company will perform the necessary analysis to determine whether it is possible to build the charter cities in selected regions.

A Honduran government delegation headed by President Wolf, traveled to South Korea in February, which allowed closer business ties to be forged with companies such as Posco.

An article in La Prensa notes, "the Korean company, which will attend the international forum “Honduras is Open for Business”, is the largest steelmaker in the world, actively participating in investment projects in various international companies, including in engineering, building construction, power generation, automotive components and the development and exploitation of natural resources. "

Source: laprensahn.com

More on this topic

Honduras Discusses Statute to Regulate 'Charter Cities'

July 2011

A constitutional statue law on the Special Development Regions (RED’s by Spanish initials) has been approved in the first debate in Congress.

The new law defines RED’s as autonomous cities, which will be led by an "executive governor", a "policy board" and a "constitutional council".

Seoul to Assist Honduras on "Charter Cities"

February 2011

The countries agreed to cooperate in the development of special management areas in Honduras.

"Charter Cities" are development-oriented, and the objective pursued by President Porfirio Lobo is to encourage domestic and foreign investment.

"During their meeting, Wolf and Lee agreed to cooperate in the development of such plans for special areas in Honduras and seek ways to collaborate in trade, investment, education, health and infrastructure development in the Central American country," Terra.com informs.

Honduran Congress Approves Draft of 'Model City'

January 2011

With support from most of the 128 deputies from five political parties, Congress approved the project submitted by the Executive branch.

The decree will allow construction of the first Model City, to be built on the Honduran Atlantic area, becoming a legal entity in itself and with its own administration system.

Honduran Government Promotes 'Charter Cities'

January 2011

In an area of 33 square km, the government promotes a project to build a 'Charter Cities' or 'Model City'.

Despite the criticism of the project, President Porfirio Lobo Sosa asked Congress for approval.

La Tribuna reported statements from the President "... a clear example of success is what happened in Hong Kong, China, they have progressed and we have them here selling ...