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Jeju Becomes a Special Self-Governing Province

 

■ A Special Self-Governing Province with differentiated exceptions for special cases

  • Operation of a system unique to the province based on the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of Free International City
  • Pursuing an industrial model that leads in specialized local development using a differentiated system—designation of Jeju Investment Promotion Zones, introduction of Real Estate Investment, etc.

■ Securing autonomy in all areas, excluding defense, foreign affairs, and the justice system

  • Ending the previous basic self-governing system to raise administrative efficiency
    * 1 province, 4 cities (si) and/or counties (gun) ⇒ 1 province, 2 administrative cities (haengjeong si)
  • Introducing a negative system to ease regulations
    * Replacing central regulations with voluntary regulations

■ Securing a foundation for nurturing IT, BT, and other high-tech industries

  • Jeju Science Park (1,099 m²)
    * 90 companies, including Daum Communications, have signed move-in agreements
    * Leasing out industrial facility lots (no vacancy remaining): 23 firm including Daum, ESTsoft, and On Corporation
    * Support facilities (1 office building, 1 production building), construction completed (84.2% occupancy as of present): 94 firms including Korea Basic Science Institute’s Jeju Center, and IBM Korea
  • Jeju Lava Seawater General Industrial Complex (197,341 m²)
    * Industrial facility lots, 11 in total (beverage, food, cosmetics)
    * Support facility lots, 3 in total (research facilities, spa facilities, display and sales)
  • Urban High-Tech Industrial Complex
    * Location/area: Donam-dong, Jeju-si / 163,535 m² (144 lots)
    * Facilities: industrial, commercial and residential facilities
    * Industries: IT, BT, games, knowledge services
  • Innocity Industry-Academia Cooperation Cluster
    * Location: Seoho-dong, Seogwipo-si
    * Area: 117,465 m²
    * Industries: training, education, research high-tech, water, MICE
  • Jeju Venture Maru
    * Ido2-dong, Jeju-si / 14,260 m²
    * 50 companies in IT, BT, and other high-tech industries
  • Support for Specialized IT and BT Technology Development
  • High-Tech Industry Investment Promotion Policies: expansion of subsidies and loans, etc.

■ Reinforcing support for the tourism industry to attract investment

  • Improving tourists’ accessibility to Jeju
    * Construction of Jeju New Airport: MOLIT airport development based on mid- to long-term comprehensive plan (20162020)
    * Expansion of large-scale cruise ship docking facilities: 80,000-ton scale at Jeju Port (docking capacity: up to 140,000 tons)
  • Transfer of the national government’s 3 major tourism laws: Tourism Promotion Act, International Conference Industry promotion Act, Tourism Promotion and Development Fund Act
    * Establishment and enforcement of customized tourism policies now possible
    * Easing of condominium regulations: 5 persons per room à 1 person per room (foreigners) / 2 persons per room (Korean nationals)
    * Expansion of tourism area education, medical and residential facilities

■ Allowance of special cases for foreign investment

  • Permission to establish foreigner-only casinos when investing USD 500 million or more
  • Easing of employment regulations and substitution of recommendation letter be the province governor for foreigners who seek to work at foreign-invested companies
  • Allowance of long-term stays by foreign investors
    * Companies: investment of USD 500,000 or more, employment of 5 or more Korean nationals [eligible to apply for F5 (permanent residency)]
    * Individuals: foreign investors who purchase recreational facilities worth USD 500,000 or more [F2 (5 years) à F5 (permanent residency) granted]
    * Foreign owners of recreational facilities worth USD 200,000 or more (3 months à 1 year)
 
 

 

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