The government has given international schools in Jeju permission to send their profits back to their home countries. An amendment to the Jeju Special Law regarding this issue was approved at the Cabinet meeting on September 30th. There are critics, however, and the proposal is expected to have a rough going in the National Assembly. Joseph Kim has more.
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Intl. schools in Jeju granted right to repatriate profits

The government passed a bill on the amendment of the Jeju special law regarding overseas profit disbursements of Jeju international schools.

According to the amendment, surpluses made in Jeju international schools have finally received approval to be transferred to their overseas headquarters.

[camera]
Ko Moon-su

However, committee considerations under the Jeju educational superintendent will evaluate the suitability of profit repatriation. They also added a policy requiring final approval of the educational superintendent to limit the amount of transferring surpluses to a maximum of 40% in order to strengthen the procedure.

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‘Change will make it easier to attract top-tier universities’

The Jeju Special Self-Governing Province said that they reflected on the matter greatly and anticipate attracting outstanding universities from foreign countries to Jeju would be easier.

[INTERVIEW]
Lee Seung-hoon/ Provincial overseer of Global Education City
I think it will help in attracting investments. It has been properly safeguarded.
"국제학교 투자유치 활성화에 도움이 될 것이라고 생각합니다. 안전장치는 필요한 수준까지는 확보가 되지 않았나 생각을 하고 있습니다."

However, there have been dissenting voices. Jeju Special Self-Governing Provincial Office of Education said legislation impact assessment on distribution of profits must be a priority.

[INTERVIEW]
Ko Soo-hyung / Provincial office of education
There is no need to hurry, since we can wait for the result of the legislation impact assessment. After that, we can still seek to make the change.
"입법영향평가 연구 용역을 수행한 다음에 그 결과를 보고 이익잉여금 배당허용을 추진해도 충분하기 때문에 서두를 단계가 아니라고 봅니다."

The Ministry of Land, Infrastructure and Transport worked on legislation of the Jeju special law in 2014 and it has gone through deliberation of the Office of Legislation and a Cabinet council in 2015.

[reporter]
Joseph Kim

National Assembly will make a final decision, but it seems the debate is still going on with a sharp division between the two sides.

Joseph Kim KCTV