CRI听力:Chinese Investment Still Welcomed in Jeju Island

Q: In recent years, the fear that "Chinese capital is nibbling away at Korea" was frequently seen in the South Korean press. And you once claimed that that "no Chinese investors will be allowed to set foot on Hallasan". Why is this move?

A: I think there are some misunderstandings. I would like to take a chance to express our sincere thanks and clarify the misunderstandings. Jeju Island is listed as a United Nations world natural heritage site. Protecting the environment is the most important thing for us. As such, we've not only increased the threshold for Chinese investors, but South Korean investors as well. We need strong legislation to protect the natural environment. But I want to reiterate that we warmly welcome Chinese investors.

Q: You've mentioned that the environmental protection there in Jeju Island is one of the major concerns for the government. Of course local people worry about real estate price will be surging if there are so many investors who get their permanent residency. But at the same time, the investment is really boosting the economy there, and it also helps create a lot of job opportunities. What's your take on this?

A: Jeju's environment helps create jobs and income for the local residents. This is something we pride ourselves in. However, the more money that rolls into Jeju, the higher home prices become. This is a basic fact of the market. We're currently dealing with an over-supply of homes, as well as too many casinos. As such, we feel the rapid increase in investments on the island are becoming detrimental to the local economy and environment, so we have to make adjustments. We need to have a balance between preserving the environment and allowing for growth in the economy. As we revise our policies, we're also trying to coordinate with investors. We want to develop Jeju Island through prudent investment.

Q: Generally to Chinese business investors there, how would you assess their investments so far? And what is Jeju looking for from the Chinese investors?

A: I would personally like to thank all Chinese investors in Jeju. They've increased the brand value of the Island. However, we have to deal with the long-term concerns of the island, including its environment, culture and the future of the industries, including wind power, electric vehicles and information technology. But at the same time, we want to create more cultural exchanges with the Chinese side.