The Jeju Free International City Development Center (JDC) signed a memorandum of understanding with Singapore-based marina development and operation company SUTL on Jan. 12 for the development of a Jeju marina. The signing ceremony at JDC headquarters was attended by Byon Jong Il, the chairman and chief executive of JDC, and Arthur Tay, the chairman of SUTL. Under the memorandum, JDC will receive consultancy services from SUTL, ranging from the planning to development stages of the marina project, which is envisioned to become a new growth driver on Jeju Island. The major points of the agreement are for SUTL to work as a consultant during the planning of the marina facilities, to solicit potential investors jointly with JDC and to participate in investment, development and operations when establishing a joint venture company. In particular, JDC plans to utilize SUTL’s network, which has successfully developed and operated world-class marinas, to attract investment to the project. Last year JDC invited a SUTL delegation to Jeju to explain the investment environment, and Byon visited the One15 Marina Club in Singapore to pursue investment.
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