Imagine a city that requires no visa from you to visit and asks no tax from you to reside. Imagine an island surrounded with emerald water where people, goods, and capital can travel as easily and conveniently as possible. This soon-to-be international hub in Northeast Asia is within two hours flight from 18 major cities including

Tokyo, Seoul, Shanghai, Tianjin, and Osaka. Twenty two domestic and international flights are available daily for anyone to travel freely. As the city name itself suggests, Jeju Free International City strives to be the best at providing the most liberal environment for any businessmen or traveler.

Tokyo, Seoul, Shanghai, Tianjin, and Osaka. Twenty two domestic and international flights are available daily for anyone to travel freely. As the city name itself suggests, Jeju Free International City strives to be the best at providing the most liberal environment for any businessmen or traveler.

 

Kim Tae-hwan, Governor of Jeju Province, said: “We are promoting the accomplishments of a self-governed city under the three strategies of openness and competition, choice and concentration, and global competitiveness. Our next goal is to promote local specialty industries and form special zones for education and medical care.” Interestingly, Jeju City unified into one local government for administrative efficiency. All areas except National Defense, Foreign Affairs, and Administration of Jurisdiction have claimed independence of higher administration.

JDC, the Frontier

Six golden eggs are soon to be hatched in Jeju Free International City by 2013 at the latest. They are the Jeju Science Park, Myths and History Theme Park, Seogwipo Tourism Port, Resort-type Residential Complex, Health Care Town, and English Education City which have been under construction since 2003 and 2004. But of course, every city's history includes the story of a frontier shaped by an axe in the wilderness. Since 2002, Jeju Free International City Development Center (JDC) has been serving its role as the frontier for six core projects. “The most important task we have to accomplish is to foster and support our 4+1 core industries: tourism, medicine, education, and green technology. By nurturing these industries intensively, we seek to turn Jeju into a global city,” Kim Kyung-taeg, the CEO and Chairman of JDC, stated with confidence.

International Collaboration

Quite a few neighboring countries shook hands with JDC from the beginning of the Jeju Free International City project and stayed as faithful partners. Berjaya Group of Malaysia invested US$1.8 billion to construct a resort-type residential complex. A US$880 million MOU with GHL and US$330 million MOU with Berjaya to build the Myths and History Theme Park is also one of the examples of good collaboration from the start. The collaboration between JDC with Ulm Science Park in Germany, Ascendas in Singapore, and Technium in England have been giving JDC a strong foreign network in recent days. In October 2008, Southern Taiwan Science Park signed an MOU as well to join the frontier line.

“The collaboration between foreign science parks and JDC is quite significant for Jeju Science Park in the future. The broader that the foreign network is, the more privileges the Jeju Science Park resident entrepreneurs will get. Our vision is to provide broad business partnerships with various foreign companies to our future resident entrepreneurs,” added Kim Kyung-taeg.

Inter-office Collaboration

The New Year showed a sign of luck with a significant MOU signed with the Korean Intellectual Property Office on January 19, 2009. This means that the future resident companies in Jeju Science Park will be provided with Patent Onestop Services through the Korea Invention Promotion Association. That is to say, patent consulting will be provided to walk entrepreneurs through each step from research and development to business models, and Patent-Star Enterprise will be selected to be fully supported in the areas of manufacturing and evaluation.

The MOU covers consulting services for small and medium companies as well. The manpower of the Korean Intellectual Property Office will provide invention promotion management consulting. Last but not least, the traditional industries of Jeju will be provided with special promotions to support their rights and brands.

CEO Kim added: “The MOU between JDC and the Korean Intellectual Property Office is highly significant for both growth of the office and local patent industries. Sophisticated consulting will strengthen the support system and bring a synergy effect to the local economy.”

Collaboration with Educational Institute

An area of 179,015 square meters is designated to be used for housing and educational institutions for foreigners, and is expected to provide an ideal living environment for foreigners.

Located adjacent to Jeju National University, Jeju Science Park is being developed with a strong link to the University promoting collaboration between Park tenants, the university, research institutes and industry. Efforts have been made to attract a campus of prominent universities from overseas to the Park to make the cluster even more applicable and practicable. The collaboration with

Jeju University is expected to give full support to future companies with biotechnology, environmental technology, and nanotechnology facilities.

Jeju University is expected to give full support to future companies with biotechnology, environmental technology, and nanotechnology facilities.

 

 

The development of the Jeju Science Park is expected to be completed by 2011 and become a ground for information and biotechnology research and development in Jeju in order to create new opportunities and an international environment to enable world class companies to succeed globally.

Why Invest

Jeju Science Park, as is previously mentioned, is only one of the six core industries of Jeju self-governing province. Medical, tourism, education, and hightech industries are well laid out for investors and developers who take collaboration as a consideration.

Foreign patients and their families will be given rights to stay for four years without a visa, and foreign medical professions will be provided with exclusive pharmacies. Opportunities to establish foreign profit-making medical institutes and academically-certified foreign education institutes await worldwide partners.

According to the project of Jeju Free International City, Jeju has been developed and promoted to attract world-class investment corporations and tourists as a national strategic project for the enhancement of national competitiveness and living standards of local residents.

Jeju is an island with advantages in the implementation of a legal system that is different from other regions on the mainland. Jeju City's environmentally-friendly conditions and beautiful scenery offer more than relaxation and entertainment. Jeju, therefore, has no option but to become a new type of free international city integrated with economic activities, resorts, and residences.