Jeju Island will resume the suspended construction of a major tourist site that would have hotels, a high-class shopping mall and condominiums thanks to a Malaysian investor. Jeju Island -one of the New 7 Wonders of Nature- will be a valuable destination this year, since overseas travel is impossible due to coronavirus, many South Koreans will be travelling locally looking for natural experiences.
Berjaya Corporation Berhad, a Malaysia-based corporation will be the responsible for turning the semi-tropical volcanic island into a major tourist destination in Asia. However, there are still debates around building a casino and skyscrapers, since the head of the Jeju Free International City Development Center suggested that “Jeju should respect the voice of local residents who want the balanced development of land for public and commercial interest”.
In the past years, Jeju used to be a place favored by Chinese property investors and tourists but the development projects with Chinese money stopped in 2017 due to a travel ban imposed by Beijing. Since then, Jeju has been trying to attract foreign investors to its destinations, making Malaysia’s investment essential for its future development.