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Jeju Free International City Development Center (JDC) aims to turn Jeju into one of the most attractive international cities in Asia by 2021 by attracting 1,000 new companies from abroad.
Under “Vision 2021 Triple A,” the state-run agency has placed top priority in strengthening the infrastructure for a free international city and developing growth engines for the next 10 years. It celebrates the 10th anniversary of its foundation this year.
The three main objectives for JDC by 2021 are increasing the population of Jeju to 1 million from the current 550,000, attracting 1,000 new companies and generating 10 trillion won in economic value. This represents JDC’s strong determination to successfully complete its Jeju Free International City mission.
Over the past 10 years, JDC has been praised for successfully paving the way for its free international city project. It has acquired land, received regulatory approval and worked on infrastructure construction with sustained efforts and passion amid difficult conditions.
It has also encouraged investors at home and abroad to join its projects through aggressive public relations and marketing activities, helping boost investment to turn Jeju into a free international city. In the meantime, the island was also selected as one of the world’s New7Wonders of Nature last year, as one of the most popular travel destinations for Koreans and other Asian travelers.
JDC has designed six projects to lay the groundwork for Jeju Free International City. The six core projects aim at fostering and supporting Jeju Special self-Governing Province’s core industries of tourism, health care, education, environmentally-friendly agriculture and high-tech industry.
They are now underway in the name of Jeju Global Education City (JGEC), Jeju Healthcare Town, Jeju Science Park, Resort-type Residential Complex, Myths & History Theme Park, and Seogwipo Tourism Port.
JGEC was planned with the aim of enhancing national competitiveness through the provision of global education.
North London Collegiate School Jeju, the first overseas campus of the premier private school in the U.K., opened in September 2011. Branksome Hall Asia, the only campus abroad for one of Canada's most renowned private girls’ schools, will open in October
As medical tourism has become a major revenue stream for Asian countries, Jeju has also boosted its efforts to lead the market. JDC is working on its $650 million Jeju Healthcare Town Project in Seogwipo City, setting aside a 1,500-square-kilometer site to build Jeju Healthcare Town and broke ground on the project on April 17.
JDC also signed an investment deal last year with the Seowoo-Jungdae Real Estate consortium and China-based Greenland Group.
Jeju Science Park is the most developed project among the six, selling 95 percent of lots for industrial facilities. JDC plans to pre-sell the industrial lots, support resident companies including Daum Communications and ESTsoft and select business partners for the development of a housing complex and more amenities for firms in the park.
To attract foreign companies, JDC hosted the “Asian Science Park Association Leaders Meeting” in April 2012.
In April 2008, Malaysia’s Berjaya Groupsigned a joint venture agreement with JDC regarding the Resort-type Residential Complex, to bring its vision of building a high-end resort complex.
The Myths & History Theme Park and Seogwipo Tourism Port projects are under development and investment is being courted for them.