BUSAN < invest Korea

The East Busan Tourism Complex attracted the first foreign investment.

The Busan Metropolitan Corporation (BMC) announced that it will sign a business agreement with the Goldsea Korea Investment to establish an aquarium in the East Busan Tourism Complex.

With the MOU, the Goldsea Korea Investment will build a marine aquarium and accommodations on a 38894 m2 site.

The cost of KRW 130 billion will be funded by the foreign capital.

The facilities will have a marine aquarium of 15,000 tons, a marine animal experience hall and a underwater hotel with 55 rooms.

The aquarium will provide experience and educational programs which focus on environment and animal protection, leisure and research on ecology resources.

A super-large lagoon-type aquarium, which will be built for the first time in Asia, and the underwater hotel draw eyes to the site.

The aquarium is larger than the Haeundae aquarium by four times, and its size is double that of Aqua Planet Yeosu. It will also be larger than the Aqua Planet Jeju, which is currently the largest aquarium in Korea.

Guests at the underwater hotel can watch marine animals at night by their windows.

It is expected to offer a differentiated experience as it enables guests to enjoy animals at night.

The Goldsea Korea Investment submitted a project proposal July of 2012 to and the parties reached agreement with changes made for the location from inland to the coast through negotiations over ten months.

The Manila Ocean Park which is operated by the Goldsea Korea Investment was also reviewed.

The Goldsea Korea Investment established a subsidiary in Korea with the capital of KRW 2.1 billion and completed foreign-invested company registration last month.

The BMC plans to complete administrative procedures by the first half of next year to begin construction, and open in 2016.

CEO of BMC Lee Jong-cheol noted that the investment is significant that it is the first foreign investment in the East Busan Tourism Complex, adding that it will play an important role to foster the tourism industry in Busan, facilitate regional economy and attract more domestic and foreign investment.

With the investment from the Goldesea Korea Investment, the East Busan Tourism Complex successfully attracted investment for 72 percent of its site.

Source: Yonhap News (Aug. 1, 2013)

** This article was translated from the Korean.