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| Faq´s provides answers to the questions
concerning the project of a Jeju Free International City. It would be helpful
if you read this cite before you turn to the homepage. |
In the twenty-first century, when the borders become blurred, global companies tend to invest in affluent societies with a good standard of living. In those communities, the principle of a free market economy is applied and institutions are established in order to meet the demand of consumers for education, culture and finance. The concept of a free international city has not been academically defined. It means, however, a space that attracts global companies, minimizes regulations in economic activities in order to enhance the quality of life and guarantees the maximum convenience for the free flow of people, goods and capital and for tax free business activities.? The project of Jeju as a free international city has been promoted with Hong Kong, Singapore, the United Arab Emirates, and Dubai as the models. The Project will be implemented in order to make Jeju Special Self-Governing Province an environmentally-friendly free international city, which will be equipped with special institutions by benchmarking their establishments rather than copying them.? The background is that Korea started to form a new concept on foreign investments and realized its importance when most of its businesses had to be open to the world after the financial crisis at the end of the 1990s. Korea needed to establish a forefront in order to attract foreign companies and investors through the implementation of new institutions and policies. Jeju Special Self-Governing Province, which has been the most attractive tourist resort in Korea, in its own right, needed to promote tourism by attracting people from northeast Asia and develop a strategy to enhance its reputation as an exporter of high quality agricultural produce in the world.? The Jeju Provincial Office reported the basic plan to the president in March 1999. The president ordered that the plan be implemented with the Ministry of Construction & Transportation in charge under the responsibility of a top economic aide. A budget was allocated after a ministerial meeting for the project. In September, of that year the Ministry of Construction & Transportation signed a contract with an American service company, Jones Land LaSalle, for ?쁳he Feasibility Research of Jeju as a Free International City & the Establishment of the Basic Service Plan. The company submitted a final report on 4 July 2000 after a ten month period of research. The report includes the strategy for the development of a free international city, being a catalyst project, affecting legal institutions and prouided matters to be improved. Firstly, three strategies were proposed as a development strategy of a free international city :
Secondly, five catalyst projects were proposed as leading projects in order to foster Jeju Special Self-Governing Province as the center of education, tourism, science and technology based on its traditional culture and clean environment, Including :
The Jeju tourism industry has a comparative advantage over other areas thanks to its natural environment and unique island culture. If the island expands its tourism infrastructure, it will have competitiveness as an attractive holiday resort. The island will also be developed as a center of education by affiliating itself with overseas universities, making English as an official second language and through research and development of advanced science and biotechnology. The first industry will be highly value-added by producing clean, organically grown brand products in association with biotechnology. Jeju Special Self-Governing Province will attract world-class companies that will supply fresh goods at competitive prices by creating a free trade zone near the airport. Jeju Special Self-Governing Province is situated in the center of northeast Asia within a distance of two hour flights from northeast Asian cities, such as Beijing, Tokyo, Osaka and Seoul. The project of a Jeju Free International City was very timely in that China has now enterd the WTO, North Korea may somedayl open its borders to the world and Korea and Japan have been discussing a free trade agreement. Jeju Special Self-Governing Province is relatively well equipped with an infrastructure including an airport, ports, roads and good communications. It also has an excellent natural, pollution-free environment, which should become a competitive power in the twenty-first century. Jeju Special Self-Governing Province is three times as big as Singapore and has unlimited potential for development since Jeju Special Self-Governing Province has not been damaged through over-development. 8. What kind of support does the central government provide Jeju Special Self-Governing Province? The central government helps to improve the legal institutions in order to make Jeju Special Self-Governing Province an international free city. This government will also provide incentives to investors at home and abroad and improve and complement the legal institutions that will guarantee profits from the investment. |
