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More foreign investment on South Korea's Jeju Island
Source : Jeju Special Self-Governing Province
As island is receiving active foreign investment in tourism development construction including Yerae Leisure Complex by Berjaya Group, Jeju provincial government has vowed to attract more investments from neighbour country China. It is estimated to bring 2.3 trillion won out of 7 foreign investment on the island.
Currently Chinese companies taking interest in investment consists of 5, along with Cheonhae Group which is set to sign a memorandum of understanding next month.
Jeju has so far signed MOUs with China's Bunma group in September as well as SANY Group.
The main reason behind such interest towards Jeju island comes as China is showing rapid financial development along with strong Yuan and rise in the real estate market in the country since 2008.
Jeju has been holding on-going investment explanatory session for Chinese investors to create foundations and build up networks. During the explanatory session that Jeju hosted in April, 8 major construction companies attended which brought out great effects.
Jeju, the heart of northeast Asia, has had strong ties with China since Qin Shi Huang dispatched representatives to Jeju 2,200 years ago to find the herb of eternal youth.
Jeju ranks 10th among honeymoon destinations for China and in 2007 it was named a top 5 foreign tourist destination on the Internet site “ctrip,” China’s biggest Internet site for tourism; in 2008 Jeju was announced as the number 1 honeymoon destination in the world for Shanghai city; and in 2009 former prime minister Zhu Rongji said that the landscape of Jeju is the world’s best.
Jeju offers investment incentives for joint ventures with foreign companies, a shortened administration process from 22 months to 8 months, a one-year visa to those who invest more than 200 thousand dollars and permanent residence for those who invest more than 500 thousand dollars.
To that end, the provincial government vowed to improve investment conditions for foreigners and will promote Jeju's investment opportunities.
