Jeju Free International City Development Center (JDC) has unveiled this year’s top three goals — expanding the outcomes of existing projects, fleshing out new projects and improving local credibility.
JDC is a mid-market public enterprise affiliated with the Ministry of Land, Infrastructure and Transport. JDC is a public development business and an expert institute of investment inducement that professionally pursues the core projects and strategic projects: tourism, education, medical services and advanced technology for the development of Jeju Free International City.
The public entity is working on such core projects as Jeju Science Park, Jeju Global Education City, Jeju Healthcare Town, Myths and History Theme Park and Jeju Aerospace Museum.
JDC aims at raising the ratio of students vs. the quota for such international schools as North London Collegiate School Jeju and Branksom Hall Asia to more than 60 percent. JDC aims to open St. Johnsbury Academy Jeju by September 2017. The public enterprise plans to build optimal housing, commercial and cultural infrastructure as a free international city.
JDC Chairman Kim Han-wook’s efforts to put the public entity on an emergency footing since his inauguration has paid off. The corporation has dramatically improved management conditions. It saw sales rise from the previous year to 147.7 billion won in 2014, operating profit surge to 41.2 billion and net profit increase to 41.2 billion won. JDC plans to repay the 89 billion won it borrowed from financial institutions by 2016.
JDC was given the highest scores in management assessment, integrity, customer satisfaction and anti-corruption.
JDC has laid a solid foundation for raising sales from tax-free outlets thanks to the purchase cap’s increase from $400 to $600 and the scrapping of the age limit for the use of tax-free outlets.
“JDC’s winning the top grade in management in 2013, and receiving excellent grades in public credibility from the top four rating agencies are owed to JDC executives and staff members’ unified efforts to achieve best fruits out of the existing projects for the past one year,” JDC Chairman Kim said. He added that he expects projects to build an international free city will strengthen the competitiveness of local industries and contribute to driving the Korean national economy.
Kim said, “The year 2015 will be all about engaging further towards successful outcome of sustainable development and becoming the preeminent and respectful public enterprise.”
"Most loved public enterprise.”
“We greatly appreciate your continued interest and support for JDC to move a step forward last year, and it was very important year for us to leap and lay the groundwork to achieve sustained growth.”
As a result, through the reduction in budget and attraction of investment, debt was reduced from $286 million to $80 million, and the debt ratio was reduced from 176 percent to 112 percent, stabilizing the financial condition of the organization, the chairman said.
In addition, JDC was given the highest scores in management assessment, integrity, customer satisfaction and anti-corruption.
Some major accomplishments: All 52 graduates from NLCS Jeju received admission from the top 100 universities in the world, and a joint venture between Landing China and Genting Singapore invested $300 million to Sinhwa Historical Park.
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