Gov. Won Hee-ryong of the Jeju Special Self-governing provincial government delivers a speech at an explanation session to attract Korean companies to the island at the Korea Federation of SMEs in Yeouido, Seoul, on Oct. 21.

Gov. Won explains Jeju’s scheme to nurture advanced industries while speaking at the session. (Photos:Jeju Special Self-governing provincial government)

Nearly 60 companies have been relocated from the hustle-and-bustle on metropolises to this island of Jeju since 2004 in accordance with the Jeju Special Self-government provincial government’s scheme to make Jeju a magnet for IT, biotechnology and content technology companies. 

The provincial government’s efforts have paid off: Thirty-five companies, or more than 60 percent of 57 companies which have so far moved into Jeju, are in the IT and BT industries. Daum, now Daum Kakao, moved to Jeju in 2012. 

The Jeju provincial government held an explanation session at the Korea Federation of SMEs in Yeouido, Seoul, on Oct. 21 to attract IT, biotechnology and content technology companies from the mainland. 

Jeju’s investment paradigm involves a concept of harmonizing its pristine nature, culture and human resources to enhance future values and ensure sustainable growth. In accordance with the paradigm, the provincial government seeks to attract advanced industries that can create added value and jobs, which bring benefits to both investors and the local community. 

“Jeju had focused on tourism in the past. Jeju sees the ushering in of a new era of the internet and new wave of logistics. Global companies choose their locations as areas with optimal living conditions for intellectual professionals, which can nourish creative industries with added values, as the likes of the Silicon Valley do,” said Jeju Gov. Won Hee-ryong in his speech at the event. “Jeju was once a place of exile due to hard access, but the island is one of the nearest places by flight as the world is getting an integrated market, so Jeju is making preparations for the ushering in of the new era.” 

Gov. Won added, “Jeju sees 2.8 million arrivals from the vast market of China, which is growing annually, and an estimated 5 million cruise tourists from Shanghai are forecast to arrive in Jeju in 2025.” He added, “The provincial government is preparing to make the most of an upsurge in traffic volumes from the vast growing Chinese market, which is surging by 20 to 30 percent annually as Jeju’s economic growth potential.” 

The central government will come up with plans to dramatically expand airport and port facilities. Next month, the Ministry of Land, Infrastructure and Transport plans to announce a new plan to expand port facilities. A new port plan, under study, calls for an expansion to the capacity of cruise ports from one berth to 10 berths. Traffic access in the island will be expanded on top of entry traffic into the island, he said. 

Jeju will build state-of-the-art information infrastructure and make Jeju a platform of such new energy industries as wind power, power generation system and energy storage systems. The primary industry will be also utilized, he said. 

Gov. Won also stressed his determination to spearhead regulatory reform to drive the creative economy. 

Neople, a game developer, was presented as the latest exemplary case of relocation to Jeju. The company completed all of the processes, ranging from site location to construction and installment of equipment, in six months after the announcement of the relocation plan. Neople with some 500 people settled on the island last late December. 

Jeju offers institutional support as a special self-governing province, and boasts plenty of maritime resources and a diverse ecological environment.

The provincial government plans to nurture new energy industries, expand the tourism market, enhance the quality of lives such as medical services and leisure activities, and reinvigorate the MICE industry.

Jeju also boasts Unesco-designated science and natural treasures and a global top-seven natural landscape. The island has a potential to nurture such state of the art industries as IT, BT and content technology and infrastructure companies, and to create a logistics center for Northeast Asia to ensure sustainable growth. 

It also has preferential institutional incentives. The island has emerged as a major tourism destination in Northeast Asia.

Gov. Won is flanked by CEO Kim Hong-kook of Internet service provider Gabia and CEO Chung Young-joon of pharmaceutical company Dongbang FTL after he signed an MOU on relocation with each of the two companies on Oct. 21.