Establishment of related services by the second half of this year
Attracting not only IT but also BT, CT, and ET companies
Permits completed... Site development construction to be completed by 2027
The Jeju Free International City Development Center (JDC) is establishing an 'Advanced Science and Technology Complex' in Jeju. JDC plans to invest 320 billion KRW in this project, aiming for completion by 2027, and intends to attract green and mobility companies.
Jeju Advanced Science and Technology Complex Phase 1 (Provided by Jeju Free International City Development Center)
On the 7th, Yang Young-cheol, Chairman of JDC, held a meeting with reporters from the Ministry of Land, Infrastructure and Transport and stated, "We plan to carry out the 'Jeju-type Future Industry Ecosystem Establishment Strategy Study' by the second half of this year."
JDC is a public institution under the Ministry of Land, Infrastructure and Transport, established in 2002 to foster and develop Jeju as a Free International City. It operates duty-free shops to raise development funds and focuses on core projects and investment attraction centered on tourism, education, medical care, and advanced industries.
The first phase of the Advanced Science and Technology Complex, developed on a site of approximately 1,009,000 square meters in Ara-dong, Jeju City, completed 100% of its sales in 2013 and currently houses 203 companies including Kakao and ESTsoft. When initially selling the complex, JDC provided a 100% exemption on local and national taxes for five years to attract companies. The companies residing there generated sales of 7.1 trillion KRW last year and created 3,131 jobs.
While the first phase was Jeju’s first national industrial complex and had a strong 'pilot' character, the second phase is being promoted to restore Jeju’s economy, which was devastated by COVID-19. Park Sung-min, Deputy Manager of JDC’s 2nd Advanced Team, said, "Jeju’s economy is structured around primary to tertiary industries, with an excessive reliance on the citrus and tourism industries, which collapsed during the COVID-19 pandemic. Therefore, the need to develop the second phase has increased."
JDC has selected a site of 848,163 square meters in Wolpyeong-dong, Jeju City, for the second phase of the Advanced Science and Technology Complex. It is within a 10 km radius of Jeju International Airport and Jeju City Hall, making public services easily accessible. Nearby are Jeju National University and Jeju International University, facilitating the establishment of an industry-academia-research cluster. The site is adjacent to the east side of the first phase. The second phase plans to attract companies not only in IT but also in BT (Biotechnology), CT (Cultural Technology), and ET (Environmental Engineering Technology).
Deputy Manager Park said, "We will expand the industrial scope by adding Environmental Energy Technology (ET) and Cultural Content Technology (CT) sectors. Given Jeju’s keywords like 'work-life balance' and 'workation' (remote work from vacation spots), we expect demand for tenancy."
The second phase completed permits at the end of last year and is currently undergoing detailed design, with site development scheduled for completion in 2027. After completion, it is expected to create 3,600 new jobs and generate a production inducement effect of 1.3 trillion KRW.
Last month, JDC signed an agreement related to the 'Autonomous Vehicle Pilot Operation Zone' with KAIST’s Eco-friendly Smart Center and others. This follows the Ministry of Land, Infrastructure and Transport’s recent designation and announcement of an autonomous vehicle pilot operation zone covering a total of 11.7 km, including Advanced Science and Technology Complex Road and Jeju University Road in Jeju. It is expected that SUVs and small buses equipped with 'Level 3 autonomous driving' functions will operate in this zone.
Additionally, JDC recently signed a business agreement in Paris, France, with Technoport, a Luxembourg startup incubating organization. This aims to establish a foothold for companies based in the Jeju Advanced Science and Technology Complex to enter the European market.
Chairman Yang emphasized, "The second phase of the Advanced Science and Technology Complex will be developed in collaboration with KAIST (Korea Advanced Institute of Science and Technology) and others," adding, "The three core keywords for the second phase are environment, future, and advanced."
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