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The Office of the Prime Minister announced on Nov. 29 that a special legislation for Jeju Special Self-Governing Province would grant a higher degree of autonomy to the island. Under the revised legislation, beginning as early as next year, the Jeju government will receive more authority in drawing investors to the island, particularly foreign investors wanting to open private foreign academic institutes or off-site campuses on the island. In addition, Jeju Island will receive central government support to become a role model for replication elsewhere as an environ-mentally friendly province. This attempt came amid consensus that tourism revenue, once the biggest earner for the province’s economy, would decline and that a new growth engine, such as foreign investment, was needed to supplement it. The revised law also extended the period of tax exemption for corpora-tions until the end of 2012.
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