Jeju Meets with 12 Companies Including Kakao and Hanwha Systems to Revise Investment Support Ordinance

[Financial News Jeju = Reporter Jung Yong-bok] Jeju Island is revising its investment support system to reduce institutional obstacles that emerge after companies are attracted and begin the actual investment and settlement process. The province plans to reflect the on-site requests of relocating and investing companies such as Kakao Corp., Hanwha Systems Co., Ltd., Neople and Jeju Semiconductor in ordinance revisions, with the goal of supporting not only new investment but also the stable settlement of existing companies.
According to Jeju Special Self-Governing Province on the 28th, it held a 'meeting with relocating companies to improve the investment support system' that day at Hana Bank Financial Center on Jungangno in Jeju City with representatives from 12 major relocating companies and newly investing firms in the province.
The participating companies were Neople, Meta C&I, Mister Milk, Selix, aweXome Ray Inc., Osulloc Farm, ESTsoft Corp., Jeju Semiconductor, Kakao Corp., Korea BMI, Hanwha Systems Co., Ltd. and 111 Percent.
Jeju Island is currently pushing to revise the 'Jeju Special Self-Governing Province Ordinance on Promoting Corporate Attraction and Supporting Investment.' The meeting was designed to identify the problems companies actually face after relocating to Jeju or while pursuing investment, rather than simply imposing a reform plan prepared by the administration, and to reflect those issues in the system.
The discussion was not limited to investment subsidies. Company representatives raised a wide range of issues, including administrative support needed during relocation and investment, investment incentives, workforce recruitment, and living conditions for employees.
Jeju Island said it will review the requests raised at the meeting and incorporate them into its investment support policies and the ordinance revision bill.
The province also sees settlement as just as important as the actual investment decision in its corporate attraction policy. Even if a company establishes a business site in Jeju, additional investment and hiring expansion can be difficult unless follow-up conditions such as access to skilled workers, housing and living conditions for employees, and administrative procedures are properly supported.
In particular, companies from different industries took part in this meeting, including gaming and information technology, semiconductors, bio and pharmaceuticals, and aerospace. Since each company has different investment scales, workforce needs and industrial infrastructure requirements, how finely Jeju Island can tailor its support system will be a key issue going forward.
Jeju Island is also moving quickly on the ordinance revision process. It plans to complete review of the ordinance and rules in September, undergo review by the Jeju Special Self-Governing Provincial Council in October, and promulgate the revised ordinance in November. The new system is targeted to take effect in January next year.
However, the specific support standards and benefits have not yet been finalized. Jeju Island plans to further review the opinions submitted by companies and reflect them in the revision bill.
Kang Ae-suk, director of the Economic Vitality Bureau of Jeju Island, said, "We need to create a support system that companies can actually feel in their investment and management activities." She added, "We will carefully review the opinions raised at the meeting, reflect them in the ordinance revision, and support the stable settlement of companies in Jeju and continued new investment."


[email protected] Reporter Jung Yong-bok Reporter