The South Korean government on Friday opened its 13th creative economy center on Jejudo Island, with aims to transform the southernmost resort island into an IT and tourism accelerator.

A 156,9 billion won ($140 million) fund will also be set up to support related projects, including nurturing start-ups and venture firms, through the Jeju Center for Creative Economy and Innovation.

“The Jeju center will play a leading role in connecting and converging cultural and software innovations not just in Korea but also in East Asia,” President Park Geun-hye said in her congratulatory speech at the opening ceremony.

Jejudo has long been one of the most favored tourist destinations in Korea and more recently a growing number of people are flocking to the island not just for tourism but also for business.

A total of 18 tech companies, including the largest Daum Kakao, have relocated their headquarters to the island in recent years.

bbabo.Net