Jeju Island seeks to boost corporate incentives amid regional competition

The Jeju Provincial Council has moved to strengthen incentives to attract businesses to Jeju Island through an amendment to the ‘Jeju Special Self-Governing Province Corporate Attraction Activation and Investment Support Ordinance’. The revised ordinance aims to boost investment in high-value-added new industries and support the settlement of employees to create jobs and drive regional economic growth.

Under the new measures, companies purchasing land in Jeju can receive support for up to 30% of the purchase cost, and facility investment support will cover up to 15% of the investment amount. Additionally, employment subsidies will be available for up to 300 million KRW.

However, members of the council’s Future Economic Industry Committee expressed concerns that these incentives remain uncompetitive compared to other regions. Specifically, it was noted that Chungnam provides up to 40% for land purchase, Gyeongnam provides 30% for facility investment, and both Gyeongnam and Jeonnam offer employment subsidies of up to 1 billion KRW. Lawmakers emphasized that because Jeju is an island with geographic limitations, the province must offer significantly superior incentives or focus on building a comprehensive industrial ecosystem, including R&D and component production, to ensure long-term corporate growth.