Foreign investment companies have voiced disappointment with the Jeju administration, saying that recent regulations and negative public sentiment have caused their businesses to go sharply downhill… forcing them to prepare to pull out of the island. Mike Balfour reports.
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Jeju Provincial Council

The Jeju Association of Foreign Investment Companies, members of which include Berjaya Jeju Resort, Osam(오삼) Korea and Baitong Xinyuan, held a press conference to express the dire situation the companies are currently in.

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Issues include ‘changing policies, distorted public opinion’

The Association stressed that despite being invited to invest in Jeju, its members were now facing a dead end due to the continuous changing of policies, distorted public opinion and opposition from civic groups.

More specifically, the Association explained that its members had all decided to invest in Jeju before Governor Won Heeryong announced development guidelines.

The Association went on to say that it would pull out of Jeju once the local government or other organizations buy the land its members own.

[INTERVIEW]
Ko Seung-cheol / Chair, Jeju Assn. of Foreign Investors
If Jeju or any organization buys the land we own, at the price we initially paid, we will gladly pull out of Jeju and leave with good memories.
고승철 제주외국인투자기업협의체 회장
외투기업이 보유하고 있는 땅을 정부와 단체 등에서 저희들이 투자한 금액에 매수를 해 주신다면 저희들은 제주도에 대한 좋은 추억만 간직하고 철수하겠습니다.

The Association also mentioned the distorted views people have of foreign investors. For instance, while Chinese investors only own 0.6 percent of Jeju land, there is widespread belief that China is taking over the entire island.

And unlike some domestic companies that postpone construction after they have been granted permission, no foreign investment company has terminated business on its own accord or even handed over business rights to another company. Yet, many people still see foreign investors as speculative.

The Association added that its members chose to invest in Jeju for its beauty and would never engage in reckless development projects… but despite all these positive aspects, people continued to see foreign investors in a negative light.

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Kim Seung-cheol

It added that the situation had now become so dire for the investors that even China’s state television CCTV warned viewers to take caution before investing in Jeju.

[REPORTER]
Mike Balfour

There are currently 155 foreign investment companies in Jeju.
21 of those firms have invested more than 5 billion won each, totalling some 820 million US dollars or 990 billion won.

Mike Balfour KCTV