JEJU-DO < invest Korea

According to Yonhap News,

(JEJU=Yonhap News) The Jeju Institute of Korean Medicine commenced operation at the Jeju Free International Development Center in the Jeju Science Park on July 7, 2016.

The newly opened organization will play a central role in fostering the Korean medicine industry as a new growth engine of Jeju.

The institute will study Korean medicine, support and nurture related companies, and conduct research on Korean medical tourism. It will also fully engage in enhancing global competitiveness of related industries, international cooperation, as well as collection and preservation of Korean medicine resources.

The research body is expected to contribute to the promotion of the Korean medicine industry by utilizing abundant medicinal plant resources in Jeju and performing research on region-specific disease treatment and systematic industry study.

Jeju Special Self-Governing Province will provide funding of KRW 150 million this year in addition to KRW 50 million last year. The province plans to finance the institute with KRW 1 billion over the next five years until 2019 while offering KRW 2 billion separately as operational expenses.

khc@yna.co.kr

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