Cheju to become free trade port

Cheju Island will be developed into a free International city like Hong Kong. Then, the island will emerge as a regional center not only for tourism but also for logistics and international financing.

Also, inauguration of flight services to Cheju International Airport by foreign carriers will be partially liberalized.

The Ministry of Construction and Transportation announced Jan. 2 that Minister Kim Yoon-Ki reported the plan for development of Cheju Island into a free international city at a cabinet meeting Dec. 30, noting that the goal will be pursued as a government plan.

The plan calls for the government to invest a total of 4.61 trillion won by 2010 to develop Cheju into another Hong Kong. After 2011, the island will be developed into a free international city that features regional logistics and financial services.

For the ambitious plan, the government is expected to work out a basic development plan during the first half of this year by forming a government support group in January, consisting of Cheju Province, the Ministry of Construction and Transportation and other relevant ministries.

The basic plan includes development of Seogwipo Port area, designation of Cheju International Airport as a duty-free area and creation of a theme park.