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The province of Jeju is also known as Jeju Special Self Governing Province, set within the governing body of South Korea. It was in 2005, the province was separated into two major cities namely Jeju and Seogwipo, along with the progress of two other countries namely Bukjeju (North Jeju) and Namjeju (South Jeju). The two cities of Jeju and Seogwipo were further separated into thirty-one neighbourhoods, which were known as dong. And the two countries were divided into seven respective towns known as eup and five districts called as myeon. Further these, seven towns and five districts were separated into distinctive 551 villages (ri). The Special Self-governing Province Development Plan was put forward by the Jeju Province and was proposed to the central government wherein soon the Presidential Committee confirmed it. As per the Jeju Provincial Government, an ideal free-market kind of an economy was established. It was decided that human possessions, harvest, and assets flowing within the market would be complimentary along with the rise in the corporate activities. It was in 2005 when it was declared that Bukjeju County would be merged with the Jeju City, while Namjeju County would become a part of the Seogwipo City. It was by 1 July 2006, the region was branded as the Jeju Special Self-Governing Province. The central government exercises widespread administrative power thereby planning to transform it into the Jeju Free International City. The provincial government of Jeju intends to change the outlook of the volcanic island into an outstanding sightseer destination thereby investing about 4.77 trillion won. The provincial government of Jeju lays down the tax breaks system in order to convert it from the logistics hub to the high-tech research base. Apart from tourism, sectors, areas like high technology, education and finance experience a major progress in the respective field due to initiatives taken by the Jeju Provincial Government.
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