'2 trillion KRW' Incheon Mt. Eulwang Video and Cultural Theme Park 'IFUS Hill' re-promoted
The Incheon Free Economic Zone Authority will re-promote a project to create a video and cultural theme park around Eulwangsan Mountain near Incheon International Airport.
According to the Incheon Free Economic Zone Authority on the 6th, 807,700㎡ of land in ㅡMt. Eulwang (a part of Mt. 77-4 Eulwang-dong, Jung-gu) will be applied for the second free economic zone designation in the first half of this year.
Since it was first designated as free economic zone in August 2003, projects such as "8 City" and "Yongyu and Eulwangsan Park" have been promoted, but have been lifted from the free economic zone in February 2018 after repeated failures.
The third challenger is SG Industrial Development Co., Ltd., which was selected as the person who is scheduled to implement the project in August 2018.
SG plans to create IFUS HILL, a global video and cultural theme park based on Hallyu such as dramas, movies, and K-pop, at a cost of 230 billion KRW.
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 to be 2.1 trillion KRW, including the construction cost of video and cultural theme parks and various building construction costs.
Under the plan, the Incheon Free Economic Zone Authority applied to the Ministry of Trade, Industry and Energy to re-designate it as a Free Economic Zone on September 30, 2018, but failed.
The Ministry of Commerce, Industry and Energy informed that △ concept is difference from free economic zone △ investment attraction not presented △ doubts about the business ability of the prospective project implementer. The Ministry also informed them to consider implementing the project under the Urban Development Act or the Tourism Promotion Act.
The Incheon Free Economic Zone Authority has supplemented most of the reasons for elimination. The Incheon Free Economic Zone Authority secured public confidence by directly participating in the project and received letters of intent to invest from 51 companies related to drama and video production. It has also developed a logic that video and cultural theme parks are consistent with the concept of Free economic zone.
However, the government decided not to reflect the consideration that the project should be carried out by other laws, not by the Free Economic Zone Act. This is because it is much easier to push ahead with the Free Economic Zone Act than other laws.
The Incheon Free Economic Zone Authority plans to visit the Ministry of Commerce, Industry and Energy soon for consultation before applying for a second re-designation of the Free economic zone.
"We have supplemented most of the reasons for the elimination of the first re-designation," an official at the Incheon Free Economic Zone Authority said. "We will apply for the re-designation of the Free economic zone area as early as June."
Kang Namju