Free International City
Formation of Free International City- Free International City means a regional unit in which regulations are relaxed, and international standards are applied to facilitate the international movement of people, goods, and capital and ensure the convenience of business activities as much as possible. The Special Act on the Establishment of the Jeju Special Self-Governing Province and the Development of Free International City provides various support and special cases to make Jeju Special Self-Governing Province an international free city (Article 2 of the Special Act on the Establishment of the Jeju Special Self-Governing Province and the Development of Free International City).
- In particular, Jeju Science Park and Jeju Investment Promotion Zone are designated in Jeju Special Self-Governing Province for the purpose of actively attracting investment.
Jeju Science Park- Jeju Science Park refers to a national industrial complex established by the Ministry of Land, Infrastructure and Transport in Jeju Special Self-Governing Province to foster high tech knowledge industries, such as the biological industry and information and communication industry, to promote research on related technologies, and to foster professional human resources (Article 161 (1) of the Special Act on the Establishment of the Jeju Special Self-Governing Province and the Development of Free International City).
Jeju Investment Promotion Zone- Jeju Investment Promotion Zone means an area that ① an investor desires or ② is favorable to the promotion of investment to attract investments corresponding to any of Article 22 (1) of the Enforcement Decree of the Special Act on the Establishment of the Jeju Special Self-Governing Province and the Development of Free International City. It shall meet the conditions under Article 22 (2) of the Enforcement Decree of the Special Act on the Establishment of the Jeju Special Self-Governing Province and the Development of Free International City, and it refers to an area designated by the Governor of Jeju Special Self-Governing Province after a deliberation by the Jeju Free International City Comprehensive Planning Council (Article 162 (1) of the Special Act on the Establishment of the Jeju Special Self-Governing Province and the Development of Free International City).