JEJU-DO < invest Korea

Jeju Science Park Complex 2 (Park 2 from now on) is going to be located in a place called Wolpyeong-dong, a 15-minute drive from the Jeju International Airport. Park 2 is envisioned as a future-oriented industrial complex to be created to strengthen Jeju's competitiveness in high-tech and science industries. The project will be invested with around KRW 30 million and is planned to be completed by 2027. The official approval process is currently underway in the Ministry of Land, Infrastructure, and Transport and the Jeju Government.

Jeju Science Park Complex

"We have been preparing to build infrastructure and incentives to support corporate activities from the planning phase in order to attract companies and boost the complex in Jeju. The business support facilities and the amenities will be up and running, including cultural spaces and incubation funds," said Mr. Bu Kyung-Nam of Science Park 2 Team of Jeju Free International City Development Center (JDC hereinafter), who is in charge of planning, promotion and inviting businesses.

Bu Kyung-Nam, Science Park 2 Team, JDC

JDC runs many businesses aiming at the improvement of life quality of the Jeju people, investment attraction, and promotion.
JDC Duty-Free Shop, Myths and History Theme Park, Jeju Global Education City (left to right)

JDC is a public corporation under the Ministry of Land, Infrastructure, and Transport, established in 2002 with the mission of shaping Jeju as an international free city. Around KRW7.4 was invested in establishing an international free city equipped with the infrastructure for tourism, health care, education, and advanced science. It mainly deals with investment attraction and PR & marketing for Jeju as an international free city, project undertaking for income improvement of the Jeju people, and the operation of duty-free shops for locals to finance the internationalization of Jeju.

Myths and History Theme Park, Global Education City, and Healthcare Town Healing Hills are the major projects for JDC. Myths and History Theme Park is a resort complex having been created to promote tourism themed on Asian and Western myths and history. Global Education City, established to develop competent talents, is a final touch for the international free city. It is said that the city could save around KRW 960 billion in terms of overseas education costs in general. Healthcare Town Healing Hills is being created to boost the healthcare industry and medical tourism.

JDC is also active with its social contribution activities for a higher income and improvement of the quality of life of the Jeju people in terms of culture promotion, a win-win with communities, and environmental protection. To this end, JDC runs capacity-building programs to support communities and social, and economic organizations, and to develop the pools of talented human resources. In short, JDC aims to spread social values and create a local win-win balance between growth and co-existence.

Social contribution activities of JDC Academy for College Students and English Camp

The Jeju Science Park Complex is the key project. The Complex is to create jobs in high-tech industries and establish a knowledge-based industrial park that would contribute to the local economy.

The Jeju Science Park 1 mainly attracted businesses in IT and BT, hosting 211 companies, including Kakao, ESTsoft, and BMI Korea, to hire more than 3,000 employees and record KRW 6.2 trillion in sales. Park 2 will be built upon the success of Park 1 in job creation and the local economy improvement."

Park 2 will add the cultural content creation, environment-friendly technology, and R&D businesses to its tenant list in order to catch up with the evolving industry trend. And Park 2 will provide a support system to accommodate the demand of the tenants, making it business-friendlier. "The key to the success of Park 2 is to listen to the potential tenants," said Mr. Bu. He is committed to accommodating the demand from the potential tenants to a maximum in crafting and implementing business attraction strategies for the establishment of Park 2.

JDC runs a range of support programs to build a local business ecosystem.

A series of community briefings is part of a continuous effort for the Park 2 project to gather local voices. "Although construction had to be rescheduled, whose completion was planned by 2024 originally, a steady and careful preparation is crucial, because community cooperation is critical to the successful establishment of Park 2," said Mr. Bu. "the Park 2 will be the hub of advanced technology projects living up to the local expectations as the local voices from communities and businesses would be reflected even from the planning stage."

Mr. Bu continued to state confidently, "the acceleration programs, start-up funding programs, and business support programs targeting start-ups and local companies will be helpful to create a local business ecosystem. The successful operation of Park 1 and the settlement of Park 2 would make Jeju the center of the future industrial development in Northeast Asia, and provide a solution to the young brain drain problem with acceleration and development of innovative businesses."