CHUNGCHEONGBUK-DO < invest Korea

■ Bird’s-eye View

■ Investment Advantages

ㅇKorea’s Silicon Valley
- Nurturing clean IT, BT industries
- Attracting sound high-tech businesses
- Creating high-quality jobs

■ Project Overview

ㅇLocation: Yeongpyeong-dong, Jeju-si, Jeju Special Self-Governing Province
ㅇArea: 1,098,878.1 m²
ㅇInvestment: KRW 580 billion
ㅇGoal: public development of a national industrial complex with IT- and BT-related companies and research centers
ㅇInquiries: High-Tech Industry Office 064-797-5707

■ Project Introduction

Strengthening the local economy
In the early 2000s, the industrial structure of Jeju was vulnerable to external shocks as 96% of the economy consisted of the primary industry, which creates low added value, and the tertiary industry, which is sensitive to changes in the external environment. Therefore, the creation of an advance science and technology complex was pursued as part of an effort to enhance the self-sustainability of Jeju’s industrial structure and revitalize the local economy.

First steps toward an industrial complex
The site for the first Jeju Science Park was designated as a national industrial complex site in October 2004 along with the designation of the project developer. Later the management organization was designated by the Ministry of Trade, Industry and Energy in December 2005, and the basic plan for management was approved in December 2006.

Chimneyless clean industry center
It has become clear that there is a need to attract new industries to Jeju in order to establish a foundation for economic growth and create jobs. JDC is thus trying to attract advanced sciences and bio industries that produce zero emissions and do not harm Jeju’s natural environment. In order to attract more companies to the island, JDC is also actively providing administrative and marketing support, such as corporate tax exemptions and other tax benefits, and is carrying out business support projects that utilize JDC’s domestic and foreign networks.

10 percent of Jeju’s GRDP
Currently, there are some 130 outstanding foreign and domestic tenant companies in the Jeju Science Park, including Kakao, ESTsoft, and BMI Korea. In addition, by providing the tenant companies opportunities for making inroads into foreign markets, the number of companies with export contracts increased from 6 in 2016 to 11 in 2017, and the export volume reached approximately USD 900,000. Through the annual Family Fair, the center actively tries to held the tenant companies grow, supporting them in terms of the preferential purchasing of goods and services. Currently, there are 2,038 persons employed at the center, which has achieved an annual sales of KRW 1.6481 trillion, or approximately 10 percent of Jeju’s total GRDP.

High demand indicates need for second science park
Jeju Science Park plans to actively contribute to revitalizing the local economy by attracting additional companies to the second support facility and help existing tenant companies achieve further growth. It will also find and strengthen various support projects the meets the needs of tenant companies for the creation of a permanent-stay industrial complex. The center will continue to strive toward is goal of becoming the world’s finest science and technology industrial complex that companies all over the world hope to call home.

■ Project History

ㅇDesignated as national industrial complex, developer selected (October 2004)
ㅇGroundwork begins (June 2005)
ㅇManagement organization designated (January 2006)
ㅇCompletion of (business and production) support facilities (March 2010)
ㅇCompletion of the development project (June 2010)
ㅇJeju Smart Work Center opening (October 2011)
ㅇDesignated as startup incubator by SMBA (April 2014)
ㅇDevelopment plan and site designation for 2nd science park approved (December 2016)

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