JEJU-DO < invest Korea

According to Yonhap News,

(JEJU=Yonhap News) Jeju will be fostered as a special district for electric car and a hub city for blockchain.

Jeju government announced on January 30 that the "4th five-year plan for balanced national development plan" containing development of Jeju as electric car special district, blockchain hub city, smart innovation city, and maritime city was passed the deliberation of cabinet meeting on January 29.

Accordingly, the government will apply various regulatory exemptions to allow expansion of electric cars, and easier driving, charging, and remodeling of electric cars.

Also, regulations regarding blockchain and cryptocurrency will not be applied to allow blockchain companies to research with more leeway.

In addition, the government will push for 10,000 job creation for the youth in public sector, expansion of cultural and sport infrastructure, operation of a cruise for South-North peace, and establishment of resort places.

By region, the northern part of Jeju island was designated as a innovative growth area, where special districts for electric cars and blockchains, and seaborne trade cooperative projects will be pushed for.

Also, the southern part of Seogwipo-si was designated as a special development area for the MICE industry, maritime economy, and South-North cruise operation.

MICE industry refers to a convergence industry centered around international conferences and exhibitions, convention center, and tourism industry.

The western region will be promoted as a resort and tourism area, where cultural and sport infrastructure and resort places to be built. The eastern part will be developed as a green industry region, where smart farm and the offshore wind industry will be fostered.

For this 5-year plan for balanced national development, the government plans to commit a total of KRW 175 trillion, including national budget of KRW 113 trillion and local budgets of KRW 42 trillion by 2022.

koss@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (January 30, 2019)