After sitting on the backburner for the past three years, the South Korean government has announced that a consortium involving Korean and Chinese companies will partner with U.S.-based Universal Parks and Resorts to build a theme park in South Korea.
The park will include a Universal Studios, various accommodations, a golf resort, a shopping center, a K-Pop concert arena and a water park.
Slated to be built on a 4.2 square kilometer plot in the city of Hwaseong in Gyeonggi Province it will be about an hour drive from Seoul and a short trip from Incheon International Airport.
“The global theme park is expected to help draw Chinese travelers, as Chinese investors joined the project,” K-Water said in a release.
Once completed, South Korea will follow the U.S., Japan, Singapore and China as the fifth country with a Universal Studios theme park.
The state-run Korea Water Resources Corporation (K-Water), which is the governmental agency in charge of the project, said the multinational consortium of Korean and Chinese companies consists of Daewoo Engineering & Construction and Dohwa Engineering of Korea along, China’s largest construction company, the China State Construction Engineering Corporation and the Hong Kong-based China Travel Service.
“The global theme park is expected to help draw Chinese travelers as Chinese investors joined the project,” K-Water said in a release.
“The realization of an international theme park is now a step closer,” K-Water CEO Choi Gye-woon added at a press conference on Tuesday.
“I hope the central government and private sector’s cooperation will successfully carry out the project, which will likely create jobs while lifting up the regional economy.”
K-Water estimates investment into the park at around $4.25 billion and an opening to the public by 2020.