▲ Photo courtesy Jeju Special Self-Governing Province

On May 26, the Jeju Special Self-Governing Province signed an MOU with the Korea Rural Community Corporation, agreeing to construct a Green Industrial Complex. It will act as the central infrastructure to lead the island in new growth industries as well as help Jeju to achieve Governor Woo Keun Min’s goal of generating 1 trillion won in exports by 2014.

According to the MOU, starting this month through to December, the Korean Rural Community Cooperation will conduct a preliminary feasibility survey about the viability of the industrial complex, after which the Jeju Special Self-Governing Province will be responsible for establishing construction plans by next June.

Discussions will be held with concerned organizations and briefing sessions with residents until next August, with approval from the governor expected by November. The complex is set for completion by June 2014, when vacancies will be sold at cost to promising small and medium enterprises.

Looking towards implementing an eco-friendly Green Industrial Complex, Jeju and the Rural Community Corporation have adopted a step-by–step process from construction to sale. It is expected that the complex will be an export hub and an ideal environment to foster small to middle-sized companies.

The Green Industrial Complex is to be divided into specialized sections, not only to improve the four new manufacturing industries — regional resources, ships, leisure sporting goods, and the Smart Grid — but also to entice promising enterprises to establish their businesses within the complex.

Governor Woo said at the MOU ceremony that the “Green Industrial Complex should be an export-based complex.”

“We should optimize conditions in order to utilize the rural resources and offer investment merit for the companies’ free business activity,” said Woo.

Also, he is positive that if the Green Industrial Complex were connected to the Citrus Industrial Cluster Complex, the general industry of Jeju — Agriculture, marine industry, Chinese medicine, biotech, food service, New Renewable energy, high-tech part manufacturing, and others — would also grow as value-added businesses.

In addition, Woo said, “[the] Green growth Industrial complex should be created one step at a time to offer companies the factory sites they need as swiftly as possible.” He requested that factory sites be sold first before the construction of the building. He also promised to put forth as much effort and support as the role of governor will allow.

The Green Industrial Complex is expected to play a role in diversifying the industrial structure of Jeju by introducing inner and international enterprises to the island and by creating a customizable business environment. It is also expected to help transform Jeju into an international free city and invigorate the local economy.

For more information, call the office of Jeju Special Self-Governing Province 064-710-2631.