SOURCE: Jeju Free International City Development Center

Jeju Free International City Development Center

October 04, 2012 08:00 ET

2nd Jeju Science Park, Ocean Marina City and Multi Tourist Complex to Be Established in Jeju

JEJU, SOUTH KOREA--(Marketwire - Oct 4, 2012) - Approximately KRW7 trillion will be invested in Jeju over the next 10 years to not only develop JDC's six core projects but also establish the 2nd Jeju Science Park, Ocean Marina City and Multi Tourist Complex. When these projects are completed in 2021 as scheduled, Jeju Free International City Development Center (JDC) will reap the fruits of its hard work to turn Jeju into a world-class tourism and advanced business city capable of outperforming Hong Kong and Singapore.

The Ministry of Land, Transport and Maritime Affairs (MLTMA) announced that it has approved JDC's '2nd action plan' for the development of Jeju. This plan follows the 1st action plan that JDC implemented from 2002 to 2011. The first plan focused on the creation of urban infrastructures, including Jeju Science Park and Jeju Global Education City. The second plan targets facility construction and business acceleration.

The follow-up plan consists of four projects: Core, Strategy, Management and Support for Islanders. First, the Core project is linked to the first plan, which included Jeju Global Education City, Jeju Healthcare Town, Jeju Science Park and Myths and History Theme Park. The Strategy project includes: the 2nd Jeju Science Park to attract IT, BT and renewable energy companies to Jeju; Ocean Marina City, a multi-functional marine city that combines marinas with tourism and leisure facilities; Multi Tourist Complex for growing local and overseas visitors; and the 2nd-phase of the Seogwipo Tourism Port project. The Management project is designed to build a Resort-type Residential Complex and an ecological park. Finally, the Support for Islanders project includes educational programs to help Jeju islanders become globally minded citizens and cultivate global talent.

The approximately KRW7 trillion to be invested in these four projects breaks out to KRW3.392 trillion for Core, KRW1.986 trillion for Strategy, KRW1.606 trillion for Management and KRW56 billion for Support for Islanders. MLTMA plans to attract KRW1.48 trillion of the total investment from the public sector and the remaining KRW5.6 trillion from the private sector.

A MLTMA official said, "The government will aggressively support the establishment of Jeju Free International City having multiple strengths, such as tourism, leisure and advanced business."

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