Center of Healthcare, Technology, Tourism
By Park Si-soo
Staff Reporter
Jeju Island has been portrayed as one of the best tourist destinations with its picturesque green fields and mountains, and crystal blue ocean as a backdrop. Numerous tourists from home and abroad have visited the nation's largest island year round.
But Jeju took a bold step six years ago toward its long-cherished dream ㅡ the Northeast Asian hub of education, healthcare, tourism and high-end technology.
And the dream is materializing.
Jeju Free International City Development Center (JDC) was established in 2002 to realize the dream through the ``Jeju Free International City Development Project.''
JDC is a public firm under the Ministry of Land, Transport and Maritime Affairs. Prior to its establishment, Jeju government solely worked on the plan but made little progress due to the absence of dedicated organizations and insufficient budgetary support.
Through the project, Jeju Island is aiming to take a leap forward as a ``Global No. 1'' city, which differs from other international cities by fostering advanced industries including as tourism, healthcare, education and eco-friendly manufacturing.
JDC strongly believes the island is emerging as an international hub for various businesses as it's a two-hour flight from five major Asian cities ㅡ Seoul, Beijing, Shanghai, Hong Kong and Tokyo.
To facilitate the project and inject sufficient funds, the government is providing various financial incentives such as tax benefits to local and foreign investors, and promoting a business-friendly environment. ``In short, Jeju becomes a paradise for companies,'' JDC said.
According to JDC, it has signed investment contracts worth $1.8 billion with a major Malaysian conglomerate Berjaya for resort-type residential facilities; a memorandum of understanding (MOU) worth $880 million with a U.S.-based entertainment firm GHL for an amusement park; and another MOU worth $330 million with Berjaya.
``We see great promise in Jeju because of its pristine natural environment, good infrastructure and central location in East Asia,'' said Tan Sri Datuk Seri Vincent Tan Chee Yioun, chairman and CEO of Berjaya Corporation, during a visit to Jeju.
Six Core Projects
The development plan includes six construction projects ㅡ an English education town, a myth and history theme park, a healthcare town, a resort-type residential complex, Seogwipo tourism port, and a high-tech science and technology complex.
Construction of the English education town ㅡ big enough to accommodate nearly 9,000 students and teachers and run 12 elementary and secondary schools, English education centers and foreign education institutes ㅡ is underway in Daejeong-eup, and is expected to be completed by 2013.
In the initial stage, one primary and secondary school are supposed to open in March 2011 as part of a pilot project.
``The English-only town aims at attracting students who plan to study abroad and will serve as an essential and strong growth engine that will lead balanced national development, a pivotal move to transform Jeju into an international city,'' JDC said.
To attract renowned foreign education institutes, the local government has also eased regulations to help foreign investors take benefits generated here out of the country.
A large-scale resort-type residential complex will be constructed to provide recreation as well as medical services.
To be constructed on 743,000 square meters around Yerae-dong, the residential complex will be completed by 2011. The complex will include low-rise residential buildings, hospitals, healthcare centers and other support facilities.
``The project will definitely convert Jeju's tourism into a high value-added one and will also help vitalize the local economy by creating more jobs and revenue as well as serving as a turning point in the island's rebirth as a globally renowned destination for recreation and tourism,'' JDC said.
According to JDC, the Berjaya Group is planning to invest $1.8 billion in the healthcare combined residential complex, the largest amount ever injected by a foreign developer in Korea's tourism industry.
``With the amount raised from the initial proposal of $600 million to $1.8 billion, it's expected to bring economic benefits to various sectors of the economy as well as creating more jobs,'' it added.
Along with the residential complex, a mammoth healthcare town will come to the island. To be completed by 2011 on the budget of 315 billion won, the healthcare town will have three sections ㅡ Wellness Park, Medical Park, and R&D Park.
The Wellness Park will be equipped with medical checkup center, condominiums and a water park; the Medical Park will offer specialized hospital and long-term care facilities; while the R&D park will serve as a rehabilitation research center into a variety of anti-aging treatments.
``The goal of `Jeju Healthcare Town Establishment Project' is to create a new industrial foundation to invigorate the local economy by building infrastructure upon which Jeju can grow as a center for `medical tourism' which encompasses tourism, medical services and R&D functions,'' the development center said.
In April last year, Jeju government formed a partnership with Seoul National University Hospital to cooperate in various areas.
The two sides are jointly working on a plan to invite world-leading medical centers and highly skilled medical professors to participate in the provision of world-class medical facilities and treatments.
Jeju will become a home to a world-class theme park with diverse and unique cultural themes including the myths and history of the island to be completed by 2014.
The theme park named ``Myth and History Theme Park'' will be constructed on four square kilometers around Namjeju-gun at an estimated cost of 1.48 trillion won.
``Part of the area will be developed as a `Hollywood Movie Studio Theme Park' through partnership with a leading moviemaker and will be developed along with an American entertainment company GHL,'' the project organizer said. ``The `Jeju International Cultural Park' and a Chinatown will be built as well with the Berjaya Group.''
The development plan also seeks to create a fresh tourist destination capitalizing on the island's natural environment.
An eco-friendly port, under construction in Seogwipo, will become a tourist destination in harmony with the surrounding environment where visitors can enjoy recreation and other activities.
Built on 198,000 square meters of land, ``Seogwipo Tourism Port'' will be completed by 2013, on a budget estimated at 143 billion won.
``The goal of this project is to create an internationally renowned port by adding creative thinking to the existing resources of Seogwipo Port. It was touted as a good example of development utilizing existing resources,'' the development center said.
A large-scale technology complex is to be built by 2011 on one square kilometer in Ara-dong, Jeju-si, at an estimated cost of 427 billion won including 166 billion won from the public sector.
Groundwork for the facility is almost in its final stages and the construction of support facilities to facilitate business and production function of tenants is ongoing.
``Various efforts to advertise the Jeju Science Park as well as building partnerships with various science parks around the world are underway,'' the JDC said.
In the facilities, thousands of scientists and engineers are expected to conduct research in a variety of fields including bio-engineering by leveraging the island's rich biodiversity and clean environment.
JDC said nine companies have already signed contracts to move into the complex.
``The most noteworthy is Korea's leading Internet portal operator, Daum which decided to open an R&D center in the complex,'' it said in a statement. ``With Daum planning to build an employee-friendly research lab, it's expected other leading IT firms will follow suit.''
For more information, visit the Web site of Jeju Free International City Development Center (english.jdcenter.com).
