BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Since the plan to build an airport in Gadeokdo Island has ended in a failure, not much progress has been made on the KRW 2.5 trillion-project to establish a tourism and leisure complex in Gadeokdo Island, Busan. Thus, City of Busan has reviewed measures to prioritize development of potential areas in Gadeokdo Island.

The Gadeokdo tourism & leisure complex project that was established in September, 2009, is to transform Gadeokdo Island into a global tourist location following the plan of building an airport in Gadeokdo Island by 2032.

However, the project has been suspended due to the cancellation of the new airport project in 2011.

The City of Busan announced on July 1 that the future of Gadeokdo tourism & leisure complex project is unclear as it is difficult to gain cooperation from the central agencies and participation from private investors since it is related to the new airport project.

Thus, the City plans to develop potential areas in advance following the progress of the new airport project in Gadeokdo Island.

According to the project plan that was selected in 2009, the 7.4㎢ area is composed of 3.7㎢ Golden bay (1.9㎢ land, 1.8㎢ public waters), 2.9㎢ Discovery bay and 0.8㎢ fisherman’s wharf.

The basic plan is to develop the Golden bay into an international business area with a casino resort and the Discovery bay into a resort, a country club and a historic park.

Also, the fisherman’s wharf will turn into a fishing experience village, a medical care town and a logistics complex. The City will prioritize the development of the Golden bay for it has the biggest business potential.

The City of Busan will agree on the guidelines for the seashore view management with the government by late this year and complete the designation of the development area in the Golden bay by late next year.

In addition, the City will select private investors by June, 2016 and carry out the action plan of the Golden bay in December, 2016.

According to the master plan of the Gadeokdo tourism & leisure complex project, the total construction cost of the project is KRW 2.5 trillion, while the construction cost of the Golden bay is KRW 1.3 trillion including the compensation cost.

sjh@yna.co.kr

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