The Republic of Korea (ROK) is striving to transform its southern resort island Jeju into a free international city by 2011, head of the ambitious project said Sunday.  

Taking the annual meeting of the Asian Development Bank's Board of Governors as an opportunity for promotion, the ROK government has made the development plan one of the topics at the meeting.

Kang Yoon-Mo, chairman and CEO of the Jeju Free International City (JFIC) Development Center, told Xinhua that the ROK government worked out the basic plan for Jeju Free International City in 2001 and officially launched the project in the following year. The goal is to make Jeju Island a tourist and resort center and a business hub in Northeast Asia.

As a way to attract foreigners to the island, the island will be built into a place free from tax and duty, making it more competitive than Hong Kong and Singapore, the chairman said.

Under the plan, leading projects will include development or construction of resort-type residential complex, high-tech science and technology complex, tourism port, shopping outlets, an ecosystem, myths and history park, a free trade zone and tourism complex.

The Jeju Island, located off the southwest coast of the Korean Peninsula, covers an area of 1,847.8 km with a population of 553,000. It has inherited an island culture, myths and legends over thousands of years.

As 18 cities with a population of more than 5 million people are located within a two-hour flight distance, the island has an advantageous position to become a geographical center of tourism and economy in Northeast Asia.

With a sub-tropical weather and pollution-free environment, the island attracted nearly 5 million tourists in 2003. Tourism industry has generated more than US$1.38 billion revenue a year, representing 29 percent of local gross production.

By 2011 when the project is completed, the tourist arrivals will reach 10 million a year, generating a revenue of US$3 billion, said Kang.

He expected more Chinese to come with the growing economy in the country and the relatively short distance.

The project will cover a land of 1000 hectares and the overall investment is expected to be more than US$3 billion, the chairman said.

In order to promote the development of the JFIC, the central government has set up a JFIC Promotion Committee chaired by the prime minister.

By 2011, Jeju Island would become an environmentally friendly tour and resort city in Northeast Asia and a multi-functional city for business, finance, logistics and knowledge-based industries, said Kang.

(Xinhua News Agency May 17, 2004)