Jeju set for US$1.8bn New7Wonders boost
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South Korea’s Jeju Island could benefit to the tune of up to US$1.8 billion per year if it is named one of the New7Wonders of Nature, according to a new study by the Jeju Development Institute. Jeju Island is one of 28 Official Finalists in the worldwide New7Wonders of Nature campaign.
In its report, the institute looked at the potential economic impact on the island of being selected as one online contest’s seven winners, and concluded that Jeju would see a major increase in tourism, which would lead to the generation of significant revenue and jobs.
The annual production inducement effect was estimated to range from KRW627.6 billion to KRW1.28 trillion (US$571m-US$1.17 billion), while the annual value-added inducement effect was forecast at KRW355.3 billion to KRW731.9 billion.
Commenting on the analysis, Jean-Paul de la Fuente, Director of New7Wonders, said; “These findings are in line with other recent independent reports, which together are re-affirming that strong participation in the New7Wonders of Nature campaign is a billion-US dollar opportunity for the potential winners. With the independent commercial financing model used by New7Wonders, these benefits are something that we bring to the world without any government subsidy or drain on public monies. In these sometimes difficult times, New7Wonders not only fosters positive dialogue across the world, but is undoubtedly also an economic force for good.”
In April 2011, a study reported by the international audit firm Grant Thornton, said that South Africa could benefit by US$1.0 billion for the first five years, if Table Mountain is chosen as one of the Official New7Wonders of Nature.
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