JEJU, South Korea, Dec. 5 (Yonhap) -- South Korea's first for-profit hospital received the final approval from the Jeju Special Self-Governing Province on Wednesday, putting an end to 16 years of controversy over the introduction of investor-owned medical institutions.

Jeju Gov. Won Hee-ryong announced the approval of the Greenland International Hospital as a for-profit hospital on condition that it caters only to foreign patients.

"The Greenland hospital has been given conditional approval. Its treatment of domestic patients is prohibited. The hospital can cater only to foreign medical tourists visiting Jeju," Won said in a news conference.

Source: Yonhap News Agency