According to the the latest 2009 IMD (International Institute for Management Development) report on competitiveness, South Korea is one of the most technologically  and digitally advanced countries. It has strong competitiveness in the science and social infrastructure fields, ranking second in scientific infrastructure criteria after Germany and ranking fourth in technology infrastructure criteria after the U.S., Germany and Canada. Korea is a global leader in electronics, digital displays, semiconductor devices, stem-cell technology and mobile phones.

The Korean government desginated Jeju as special-self governing province the island as a free international city, where people, goods and capital flow freely through tourism, education, healthcare and green primary industries. Those elements synergically integrate with knowledge-based high-tech industry in the development of Jeju Free International City.

Jeju Free International City Development Center (JDC), which is a government organization, backed by the Ministry of Land, Transport and Maritime Affairs and in charge of developing six core projects including Jeju Science Park, designated 271.4 acres in Aradong for Jeju Science Park. It is located on a small hill in a beautiful natural setting about 20 minutes by car from Jeju International Airport. Last March it held a building dedication ceremony as it completed site preparation and multi-tenant buildings. It is the first completed project among JDC's six core projects. The prime minister, government officials and high-tech industry related officials participated in the ceremony.

Forty-two enterprises and organizations such as Daum Communication, the 2^nd largest portal site in Korea, SK Energy, ESTsoft and Korea Basic Science Institute have already moved to Jeju Science Park. Recently SK Energy moved to Jeju Science Park as the lead enterprise in a consortium for Jeju Smart Grid Demonstration Project. Also CT&T made on agreement with JDC to build a plant for electric vehicle in Jeju Science Park.

 

Jeju Science Park provides financial support through five partnerships with banks and the government through loan, grants, and tax incentives. It also offers intellectual capital through national and regional R&D centers and three universities, human resources from partner universities, expert service from Korean Intellectual Property Office and other service providers and networks with overseas science park. It has established networks with STSP and CTSP in Taiwan, Ascendas in Singapore, Ulm in Germary, Technium in the U.K. and Tuspark in china and has joined NBIA in the U.S, ASPA  in Korea and IASP in Spain.

 

Based on its development program Jeju is transforming into a high-tech destination of Korea. It is designated as smart grid test bed and online electric vehicle test area. It is also home to national R&D projects developing sea wind power generators, electricity storage, wind power generators, solar power generator, digital power transmission plant, smart power distribution, smart home, apartments and factor and service center for renewable energy.

Regarding biological R&D resources, it has over 8,000 species as a UNESCO Biosphere Reserve. The Korea Ocean Research & Development Institute (KORDI) is developing bio ethanol fuel utilizing marine algae in Jeju. LIVECHEM studies Seanol, brown algae in Jeju, obtaining patents for applications to aging and lifestyle-related chronic diseases and is authorized by FDA as new dietary ingredient.

So far 60% of land parcels have sold to 14 corporations and 35% of office units leased to 28 corporations. Multi-tenant buildings are reserved for SMEs and branches of multi-national companies. A business incubator will be established for start-ups and growing companies and hot-desk service will be provided for pre-start-ups.

The CEO, one of the new tenants, Daum Communication said, that moving to Jeju has been a pleasant experience. He remarked that Daum's recent hit services were born in Jeju. He sees this success as a result of improvements in productivity thanks to the creative working environment on Jeju. Jeju Science Park also is open to foreign start-up businesses and branches of multi-national R&D centers.