JEJU-DO < invest Korea

According to Yonhap News,

Jeju Free International City Development Center (JDC) said on March 27th that the total amount of foreign direct investment in the project to construct a recreational residential complex is the largest amount in the domestic tourism industry in history.

JDC explained that KRW 34.6 billion capital from Malaysia was injected to the project earlier this month, making the total investment KRW 80.1 billion including shareholder loans.

The Malaysian investment is funded by Berjaya Jeju Resort, a joint venture established for a recreational residential complex. The capital of Berjaya Jeju Resort rose to KRW 70.9 billion with the capital increase.

An official of JDC said “we could reaffirm Berjaya Group’s commitment to the project,” and added “we will do our utmost to draw additional FDI by supporting the authorization and permission process, raising operational fund, and providing administrative and financial support to sales and marketing activities as a domestic partner of Berjaya Group.”

He added “this new FDI in the complex is very significant in that the global financial crisis has dampened foreign investment,” and said “it will serve as an opportunity to raise the international credit standing of the project itself.”

Sites for a recreational residential complex are now being prepared, and the ground will be broken in the second half of this year. The construction is slated to be completed by 2016.

Source Text

Source: Yonhap News (March 27, 2011)

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