South Korea's tourism hub Jeju Island is seeking Chinese investment to boost development of the region.

"We see tremendous opportunities for Chinese investors on the island as tourism grows rapidly and many Chinese are now venturing to South Korea," said Kim Chul Hee, vice-president of the Jeju Free International City Development Centre (JDC).

He told China Daily that Jeju welcomes Chinese enterprises in areas such as tourism, real estate, logistics, education, high-tech and textiles, as the island transforms into a free international city and looks to become the Northeast Asian hub for tourism and commerce.

The South Korean Government aims to develop Jeju along the lines of Hong Kong and Singapore where people, commodities and capital move freely and business can be conducted conveniently and efficiently.

Kim said the island's five major projects to attract foreign investment include the development of a high-tech science and technology complex, a myth and history theme park, a resort-style residential complex, shopping outlets and the Seogwipo tourism port.

In support of these projects and other opportunities, the JDC provides a "one-stop" administrative service, offering information and support on location and logistics, facilities, procedures and legal consultation, he noted.

Jeju also offers preferential tax policies, support services and major duty-free zones brought by the island's new autonomous status, Kim said.

Currently Hong Kong and US enterprises are the island's major investors.

He said that the main draw of Jeju Island is its geographic location at the centre of South Korea, Japan and China. The island is close to over 17 major cities, each with a population of over 5 million and within two hours by plane.

"Co-operation in business between China and South Korea has long played a large role in the development of Northeast Asia's economy and we think that Jeju Island offers a unique opportunity to further increase the benefits for both sides," he said.

Representatives from the island's development centre will travel to other Chinese cities such as Shanghai and Tianjin to seek further investment.

Jeju is already a popular tourist spot for South Koreans and currently receives 5 million tourists a year. It is expected to attract 10 million visitors annually by 2011.

Currently 120,000 Chinese travel to Jeju each year, and the figure is expected to reach 600,000 by 2011, according to the JDC.

Source: China Daily