The Ministry of Commerce, Industry and Energy will submit a plan to change the designation of the Eurwangsan Free Economic Zone.

The project cost of theme park based on the largest production center in Korea alone is around 2 trillion KRW.

Commissioner Lee Won-jae said, "Most of the reasons for elimination are resolved…"Get a Letter of Intent to Invest in 51 Companies"

The project to create a global Hallyu video content complex that produces K-content near Incheon International Airport is gaining momentum.

The Incheon Free Economic Zone Authority announced on the 9th that it plans to submit a plan to the Ministry of Trade, Industry and Energy to designate 807,000 square meters of Eurwangsan Mountain, west of Incheon International Airport Terminal 1.

The change will include the creation of Korea's largest complex production center, state-of-the-art shared studios, outdoor filming facilities, OTT exhibition halls, Hallyu-themed cultural streets, and marine and leisure facilities.

SG Industrial Development Co., Ltd., which was selected as a project implementation in August 2018, plans to spend 230 billion KRW to create IFUS HILL, a global video and cultural theme park with the theme of Korean Wave such as dramas, movies and K-pop. In addition to video and cultural theme parks, accommodations such as hotels and recreational condominiums and residential facilities such as luxury villas, terrace houses and townhouses are also planned. It is a large-scale project that is estimated at 2.1 trillion KRW if all of the construction costs of video and cultural theme parks and various buildings are combined.

On September 30, 2018, the Korea Economic Administration applied to the Ministry of Trade, Industry and Energy to re-designate the area as a free economic zone, but failed. Lee Won-jae, head of the Incheon Economic Office, told Incheon Mayor Park Nam-chun, "We have cleared most of the reasons for the re-designation of the free economic zone for two years," adding, "We have secured public confidence by directly participating in part of the project and received investment letters from 51 companies related to drama and video production." "We have also developed a logic that video and cultural theme parks match the concept of free economic zones."

Commissioner Lee added, "As the landowner Incheon International Airport is also active in developing K-content video themes for transit tourists and domestic and foreign content producers are interested in it, we will follow relevant procedures to ensure that the project will be completed as soon as possible."

Incheon Mayor Park Nam-chun said, "The spread of Covid-19 has rather sparked interest in K-content among people around the world." "We will create Incheon, which leads the global trend by creating a proper K-content production environment," he said. "We will persuade the central government by adding business plans such as the creation of a K-content experience theme park in connection with nearby complex resorts."

Kim Chingu

Source : http://www.saholdings.co.kr/eng/pr/news_view/?page=1&v=106