Jeju Free International City Development Center (JDC) signed an MOU with Singapore-based marina development and operation company SUTL for the development of Jeju marina. JDC on the 12th held an MOU signing ceremony at the 11th floor of its headquarters, inviting JDC employees, including Jong-il Byon, chairman and CEO, and Arthur Tay, chairman of SUTL, to sign the MOU. Under the MOU, JDC will receive consulting from SUTL, ranging from the planning to development stages of the marina project, which will become a new growth driver for value-added business.
The major points of the MOU are providing consulting service during the stage of planning for the marina facilities, soliciting potential investors jointly with JDC according to prearranged plans, and participate in investment, development and operations when establishing a JV company. In particular, JDC plans to utilize SUTL's network, which has successfully developed and operated world-class marinas, to attract investment for the project.
Last year JDC invited a SUTL delegation to Jeju to explain the investment environment, and Byon made a personal visit to "One 5 Marina Club" in Singapore to pursue investment in Jeju. During the meeting, SUTL expressed its strong interest in the project and desire to make direct investment when the project plan is finalized. With the participation of SUTL, JDC is expecting Jeju Marina Development, which had been seen as a idle land, to be facilitated through the company's world-class knowhow.
