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The term “free international city” refers to a regional unit in which deregulation and international standards will be applied in order to ensure the international movement of people, commodities, and capital as well as maximal convenience in business activities.
- Article 2 (Definition) of the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of the Free International City
Jeju has several strengths as a result of its geopolitical location close to major Northeast Asian countries such as China, Taiwan, Hong Kong, Russia, and Japan in addition to the Korean peninsula itself, as well as from its pristine natural environment and beautiful natural landscapes, all of which allow for excellent tourism infrastructure. In addition, due to its remote location, the island is well positioned for application of special acts and has been considered an ideal place to develop a free international city in Korea. As such, the Korean government announced its Free International City Initiative in 1998 and designated Jeju as a free international city in 2002. Jeju Free International City has been developed not only as a strategic foothold for securing national competitiveness by ensuring the international movement of people, commodities, and capital as well as maximal convenience in business activities, but also as part of Jeju’s master plan to become a hub city of Northeast Asia in the 21st century.
Free movement of people | Free movement of commodities | Free movement of capital |
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No-visa policy, permission of long-term residence for foreigners, streamlining of immigration procedure, etc. | Alleviation of trade barriers such as import liberalization and a duty-free policy | Liberalization of foreign exchange transactions, etc. |