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Jeju Science Park marks new direction of Jeju development
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승인 2009.10.15  13:46:27
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▲ Jeju’s new Science Park is but one of the Jeju Development Center’s six core projects, which also include a Myths and History Theme Park, Healthcare Town, Seogwipo Tourism Port, Resort-type Residential Complex and Global Education City. Photo by Kim Gyong-ho

One of the Jeju’s ambitious projects now well underway is a High-Tech Science and Technology Complex situated beside Jeju National University on the outskirts of Jeju City. The Project, spearheaded by the Jeju Free International City Development Center (JDC) and the Jeju Provincial Government, began in 2004 with the aim of diversifying from Jeju’s economic mainstays of tourism and agriculture.

The target markets for tenants are Information Technology (IT), Bio-technology (BT) and Research and Development (R&D) companies, both Korean and international in origin. Since its inception in 2004, the Jeju Science Park continues to attract new businesses including KAIST, or the Korea Advanced Institute of Science and Technology; ESTsoft, software developers such as ALTools and InternetDISK; Daum Communications, the nation’s second largest Internet portal site; BMI Korea, a biopharmaceutical company; and the Korea Basic Science Institute. Currently, 25 corporations are committed to involvement in the park.

Essential to foster the growth of Jeju’s development, in the short-term, the park will act as a beacon to attract foreign investment. The bigger, long-term goal, according to Kim Cheol-hee, vice CEO of Jeju Development Center, is “to create opportunities, and an international environment, for those corporations at the park to succeed globally.”

The site itself is set on approximately 1 million square meters of land (1,095,900m2); with land located primarily for the IT sector companies, R&D, and BT facilities. With the participation of foreign owned operations and staff, the research park is striving to offer ancillary services, and has allocated land for amenities such as schools, individual and family residences, park land, and space for other businesses.

The JDC’s current financial investment incentives provide attractive reasons to locate more tenants in Jeju. Some of these include staff salary subsidies (for Jeju residents), training subsidies, and relocation assistance, as well as rent and property tax exemptions- depending on the size of the investment. In particular, those wanting to move in this year will benefit from 50% deduction on rent.

By January, 2010, the park expects more than 90% of its construction to be complete with 2015 as its target for full completion.
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