SEOUL, KOREA - Jeju Free International City Development Center (JDC), a government-sponsored special corporation established to pursue a project to build the Jeju international city, said on December 23 that it signed an agreement, jointly with private-sector partner Jeju Daedong, to purchase the land plot in Jeju Island to implement its ambitious "ECO" project.

 

Jeju Daedong a special-purpose company founded in September this year after its parent Daedong Ltd. was selected as the preferred negotiating partner to the international city development project.

 

The ECO project initiated by the two companies involves the development of a 739,000-square-meter site in Aewol, a town 20 kilometers west of Jeju City, to create environmentally friendly farms for new crops and dairy farms.

 

Kim Han-wook, president of JDC, said, "The Aewol project will be one of the five pillars of Jeju development that has been delay of late. We will do our best to set the tone for the whole project."