Bernama Online, June 8, 2007

Malaysian Investors Invited To Help Develop S. Korea's Jeju Island

KUALA LUMPUR, June 8 (Bernama) -- Jeju Free International City Development Center (JDC), a South Korean sponsored organisation is wooing Malaysian investors to actively participate in its key development projects in Jeju Island, South Korea's first special self-governed province.

Malaysian investors can invest in four benchmark development projects, namely its High-Tech Science and Technology Complex, Resort-Type Residential Complex, Myths and History Theme Parks and Jeju Healthcare Town.

Project strategy manager for Jeju Healthcare Town, Kwon In Teak, said under the health care town project, participants would be able to invest or jointly develop healthcare centres, specialised hospitals, facilities for plastics surgery, oriental medicine clinics, research and development centre for anti-aging, luxury apartments, houses and hotels.

JDC has estimated the cost for the development at US$315 million.

"The project is designed to attract long-term tourists for hospital care and wealthy retirees mainly from China and Japan," he told Malaysian journalists during a familiarisation tour of the Jeju Island recently.

Several foreign medical centre operators have already voiced their interest to open up their branches in the island, Kwon said.

As for the High-Tech Science and Technology Complex, to be called Jeju Humantec Village, in Ara-dong, its project manager Boo Won Kyun said the development here would cover an area of one million square metres. The projects here would comprise research facilities, bio-tech firms, high-tech companies, international schools, colleges and universities as well as corporate training centres, residential and commercial facilities.

"Some 85 companies mostly from Hong Kong and Taiwan have indicated interest to set up their operations in the park," Boo said.

The Jeju Humantec Village is estimated to cost US$400 million and is expected to be completed by 2011.

"We are keen to see Malaysian information technology companies and biotech firms to operate in the park," he added.