The Establishment of the International Financial Center (IFC) in Jeju Free International City

Purpose: Jeju Free International City is growing around the tourism industry. However, for Jeju Free International City to grow in line with the concept of free international city, it is necessary to move away from the current industrial structure that is focused on the tourism industry. It is necessary to reorganize the industrial structure centered on the financial industry in the long term, and for this, it is necessary to develop interest and fostering the financial industry within Jeju Special Self-Governing Province. This study intends to reconsider the necessity through the academic approach to fostering the financial industry in Jeju Free International City, which has been planned from the policy perspective. To this end, this study empirically analyzed the factors necessary to build the foundation for fostering the financial industry in Jeju Free International City. The purpose of this study is to examine the necessity for the establishment of an international financial center in Jeju and to derive the necessity for each factor through analysis of sub-factors necessary for the establishment of an international financial center in Jeju. Research design, data and methodology: This study carried out IPMA for analysis of components for fostering the financial industry. Through IPMA, this study identified priorities for the need for configuration factors and sub-factors. In addition, the thesis further performed a cross-group comparison. Result: The analysis confirmed that the factors in the living environment are the highest priority. It also confirmed that the priority of institutional policy factors and infra-facility factors is high. This study found that financial and non-financial employees differed in the priorities of factors in the comparison analysis between groups. This study also confirmed that Jeju residents and non-Jeju residents have distinct differences in the priorities of factors. Conclusion: Through this study, factors necessary for Jeju Free International City were identified. In addition, it was confirmed that there was a clear difference between the factors necessary for Jeju residents and non-Jeju residents. In the future, it is necessary to seriously consider these differences in the decision on whether to introduce, how to introduce, and priorities in the introduction of international financial center.