By Alexander Ahn

Jeju Province plans to designate the Jeju Global Education City as a special investment promotion zone next month.

The provincial authorities said Wednesday that the designation is to attract investment in the construction of infrastructure such as sewage facilities, roads and other urban development. Investors will enjoy tax breaks.

The education town is located in Seogwipo, southwestern Jeju.

Foreign educational institutions and international schools will receive five years of income tax exemption and 10 years of property tax exemption among other benefits.

The creation of the education town started in December 2006.

The island province plans to spend 1.7 trillion won ($1.4 billion) on the project by 2017. The funding will be used to build 12 international schools to include kindergartens through grade 12 courses, a university campus, an arts zone, and an English education center as well as residential and commercial buildings.

The town currently contains two international schools — the North London Collegiate School and the Korea International School (KIS). Jeju will open its doors to Canada’s prestigious private school, Branksome Hall Asia, in October.

The project is to create world-class educational options for Korean and foreign students by forging partnerships with internationally renowned schools and produce a unique city promoting global citizenship.