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Actual FDI in Jeju Reaches KRW 352 BN

After a comprehensive plan for the Jeju Free International City took effect, foreigners made an actual investment of KRW 350 billion into 14 projects in Jeju. The plan aimed at ensuring free exchanges of human resources, products and capital and business activities.

In addition, 55 promising companies from other regions moved to Jeju investing KRW 237.7 billion to create 2,146 new jobs.

According to the Jeju Technopark last week, since the comprehensive plan went to effect in 2002, Jeju attracted foreign direct investment of USD 5.6726 trillion into 14 projects by the end of April 2012.

China invested KRW 3.152 trillion in 8 projects, Malaysia invested KRW 2.3992 trillion in one project, and Japan invested KRW 170 billion in one project. Singapore (KRW 59.3 billion), Taiwan (KRW 14.1 billion) and Hong Kong (KRW 6 billion) followed.

Their actual investment only accounted for 6.2 percent at KRW 352 billion with China (KRW 151.5 billion), Malaysia (KRW 149.9 billion) and Hong Kong (KRW 6 billion).

Jeju successfully attracted 20 Korea companies, 8 training institutes, 8 call centers and 19 others as of end of April from 2004. Their investment stood at KRW 237.7 billion.

The foreign investment and corporate investment created 199 and 1,947 new jobs respectively. Local tax income increased by KRW 4.1 billion backed by the foreign investment (KRW 2.8 billion) and companies (KRW 1.3 billion).

The Jeju Investment Promotion Zone which was introduced in April 2004 attracted KRW 11.2556 trillion in 34 districts with actual investment of KRW 3.0482 trillion. Total 1,654 regional companies participated in the development of the promotion zone to receiver orders of KRW 709.5 billion and hired 2,206 workers.

After a scheme which grants F-2 visas to foreigners who purchased resort condominiums went into effect from February 2010, 409 accommodations have been sold to foreigners, and 191 foreigners received visas.

Jeju Technopark noted that the comprehensive plan contributed to the regional economy largely as domestic and foreign investment and tourism industry were facilitated and population inflow increased.

Source Text

Source: Yonhap News (June 29, 2013)

** This article was translated from the Korean.