JEJU-DO < invest Korea

According to Yonhap News,

Research results have been released indicating that a fragrance and cosmetics industry (cosmetics valley) should be nurtured as a new growth engine of Jeju.

Jeju Techno Park (Chief Han Yeong-seop) suggested the promotion of the fragrance and cosmetics industry based on the results of its commissioned research on ‘the development of the eco-friendly cosmetics materials industry and the creation of an international city.’

Researchers (Chief Researcher Kim Gi-uk) said “the industrial structure of Jeju is too focused on the primary and tertiary industries, showing that the manufacturing industry is weak,” and added “a fragrance and cosmetics industrial complex should be nurtured to revamp the lopsided structure.”

Researchers suggested that domestic and foreign fragrance and cosmetics companies should be attracted to Jeju Fragrance and Cosmetics Industrial Complex (project cost of KRW 40 billion), and Jeju should be promoted as a leading fragrance and cosmetics city in Northeast Asia by launching fragrance and cosmetics products utilizing Jeju’s water resources.

The first candidate for the complex is Handong-ri, Jeju City where seawater containing minerals such as vanadium and germanium is abundant, and the second candidate is Hawon-dong, Seogwipo City where underground and carbonated water is rich.

Researchers said KRW 7 billion should be invested in the Jeju Fragnance and Cosmetics Industrial Complex to build ISO/GMP factories, and a technology support center should be established with the investment of KRW 15 billion to support companies in cosmetics technology, design, and resources, contributing to improving competitiveness.

The research results also show that a cosmetics village (project cost of KRW 4.5 billion) should be nurtured as a new theme tourist attraction where visitors can experience fragrance and cosmetics products and enjoy relaxation and treatment in Seongsan-eup, Seogwipo City. The result provides a plan to establish a fragrance museum, a cosmetics and fragrance experience hall, bargain counters, hub experience stage, and organic and eco-friendly cosmetics materials cultivation areas within a cosmetics village.

Jeju Techno Park will be further engaged in attracting companies and building the groundwork for the fragrance and cosmetics industry based on the research result.

Source Text

Source: Yonhap News (Feb. 24, 2011)

**This is an English translation of a Korean news article.