South Korea Creates Self-Governing International Development, Tourist Destination
Jeju Free International City building state-of-the-art developments to become global leader in English education, medical tourism industry
Last update: 11:02 a.m. EDT Sept. 22, 2008
NEW YORK, Sep 22, 2008 (BUSINESS WIRE) -- Tourists from around the world will soon have the opportunity to be among the first to experience the next major global destination -- a clean, green natural environment with resort-style living and cutting-edge healthcare and education -- Jeju, South Korea.
JDC has recognized that people from around the world are becoming savvy healthcare consumers -- looking for the best treatment, in the best locations, for the best price. JDC's "Healthcare Town" will offer medical tourists a variety of health and treatment options, ranging from medical examinations, to obesity treatment to wellness therapies. The complex will also be home to a research and development park, which will include a National Anti-Aging R&D Center, Bio Medical R&D Center, and New Medicine R&D Center.
"We believe Jeju's beautiful, clean natural environment, coupled with its proximity to some of the world's most important markets, make it an ideal location for international development," said Kyung-Taeg Kim, CEO and Chairman of JDC. "While JDC is promoting several important development projects on the island -- two of the most exciting are our new English Education City and Healthcare Town."
Healthcare Town is expected to provide significant economic benefits for Jeju over the long-term. According to McKinsey and Company, medical travel market gross revenues were US$40 billion worldwide in 2004 and are projected to grow up to US$100 billion by 2012. In line with the growth of the global market, Korea's medical tourism sector is aiming to attract 100,000 tourists by 2012, topping US$37 billion.
JDC's Healthcare Town will cost approximately US$315 million to complete. About US$99 million will be an investment from the South Korean Government and US$220 million will come from private investors.
"Healthcare is no longer simply a regional issue," said Kim. "The medical travel market is growing rapidly every year, and we believe that our international medical facilities, which focus not only on medicine, but also on wellness, will be among the premier healthcare facilities in the world. Every person should have the right to receive cutting-edge care at a fair price."
JDC will begin construction of a first-of-its-kind English Education "City" in 2009. The City will include a settlement-type English-speaking town, which will be equipped with residences, commerce and convenience functions, as well as educational facilities in order to absorb the demand for overseas language courses and offer the chance for English education to middle-class citizens. In addition to more than 12 English-only primary, middle and high schools, English will be the only language spoken at public buildings, shopping centers, and parks. The goal is to create a total English-language immersion experience for students.
"We know that in today's global economy, English-language proficiency is a vital skill for professionals all around the world," said Kim. "Until now, many families faced significant economic hardships to send their children to schools that provided a quality English education, and in Korea, in many cases, there simply are not enough schools to meet the rising demand of middle class families for this type of instruction. We think this project will meet local needs and provide multi-lingual professionals for corporations around the world."
According to the Ministry of Human Resources and Science of Korea, in 2006, 29,511 children from elementary through high school level left South Korea to study abroad, nearly double the number in 2004. And parents are spending average from US$3 million dollars to US$5 million dollars yearly on overseas education for children.
JDC will also be completing four additional core projects in Jeju. These projects include a High-Tech Science & Technology Complex, a theme park, a tourism port and a resort-style residential complex.
The South Korean Government designated its island, Jeju Province, which is only a two-hour flightfrom five major cities in Asia, including Seoul, Beijing, Shanghai, Hong Kong and Tokyo, as the only special self-governing province in the country. This special designation gives Jeju full autonomous rights and authority in all areas except national defense, diplomacy and administration of justice, and allows Jeju to open itself to the world through a no-visa policy and tax exemptions for Korean and foreign investors. This designation has allowed Jeju Free International City Development Center (JDC) to take on several economic development projects including two projects that focus on some of the world's most pressing issues -- access to world-class, affordable education and healthcare.
On Sept. 25, JDC will host an investment seminar in New York City to provide potential investors with presentations on the prospects and scope of JDC's English Education City and Healthcare Town projects. The presentations for the investment seminar will be held at The New York Palace Hotel (455 Madison Avenue) and individual consultations for potential investors will be conducted on September 26.
About Jeju Free International City Development Center
Jeju Free International City Development Center (JDC) is a special corporation which has been established for simultaneously pursuing publicity and business feasibility in order to successfully implement Jeju Free International City development projects under the Special Act on Jeju Free International City. This body is affiliated with the Ministry of Land, Transport and Maritime Affairs as a government-sponsored organization.
SOURCE: Jeju Free International City Development Center |
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