JDC to complete first phase of investment plans for key projects

Jeju Free International City Development Center will strengthen city infrastructure and develop future growth engines as part of its business plans for this year, according to its chairman Byon Jong-il.

Byon said JDC would invest 139 billion won in its projects overall, allocating 59 percent in the first half of the year to help spur the local economy.

He said JDC would expand key infrastructure in education, medical care and other areas in its drive to transform Jeju into Jeju Free International City. It will aim to attract leading domestic and overseas medical institutions and American prestigious schools, including Cheshire Academy and Germantown Academy, and create a special medical zone on the island.

Byon also said JDC would use its experience from the successful opening of U.K.-based North London Collegiate School Jeju in September 2011 to ensure the construction of BHA, the first overseas campus of Canada-based school Branksome Hall, is ready for an October opening. It also plans to complete the site preparation for Jeju Global Education City this year.

Major achievements of JDC last year include the completion of site preparation for the Resort-type Residential Complex, selling 95 percent of lots for industrial facilities at Jeju Science Park, increasing sales at JDC duty-free shops and attaining Green Management System Certification.

In addition, JDC signed memoranda of understanding with leading local and global investors for the Jeju Healthcare Town and Myths and History Theme Park projects.

Plans for Jeju Healthcare Town this year include breaking ground on the site and finalizing investment plans with the Seowoo―Jungdae Real Estate consortium and China-based Greenland Group, with which it inked investment deals last year.

JDC also plans to pre-sell all the industrial lots in Jeju Science Park this year, support resident companies, including Daum Communications and ESTsoft, and select business partners for the development of a housing complex and better amenities for companies in the park.

To attract foreign companies to Jeju, JDC is hosting the Asian Science Park Association Leaders Meeting in 2012 and will seek investment for key projects.

The joint venture behind the Resort-type Residential Complex project increased its capital to 153.8 billion won last year due to steady investment from Malaysia-based Berjaya Corporation and a stronger partnership with JDC, attracting the largest amount of foreign direct investment in Korea’s tourism industry. With site preparation finished, the next stage of the project is the construction of condominiums.

The Myths and History Theme Park project has been recognized for its value by theme park investors at home and abroad, as shown by an agreement signed with DKC last year. JDC plans to finish preparing the site for the park in March, while focusing its marketing activities on Greater China to attract Chinese investors. Furthermore, JDC announced its plan to explore new businesses to develop a fresh source of revenue and increase tourism.

Also this year, the second phase of the Seogwipo Tourism Port project includes attracting private investors as soon as the port renovation plan is finalized; building an aerospace museum, scheduled to open in 2013; and opening a Gotjawal forest trail and rest areas to the public, under the first phase of an ecological park project, in time for the World Conservation Congress 2012 Jeju.

JDC will work harder to build a leisure complex to meet growing demand from Chinese travelers, while creating Ocean Marina City to stimulate the value-added marine leisure industry.

JDC, celebrating its 10th anniversary this year, has been praised for successfully building a foundation for its free international city project. It has acquired land, won regulatory approval and worked on infrastructure construction with sustained effort and passion amid difficult conditions over the past 10 years.

JDC has 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.

“JDC will not rest on its laurels but will pursue another round of growth over the next ten years,” Byon said.

“We will set up action plans, developing our vision for the next era as well as new businesses for sustainable growth. Our ultimate goal for the next ten years is to share our achievements with Korean people, customers, investors and Jeju islanders, so they can enjoy a better quality of life,” he added.