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Muui Island Designated as FEZ for Resort Complex Development

According to Yonhap News,

(INCHEON=Yonhap News) A new Free Economic Zone (FEZ) has been designated spanning 445,000 square meters across the islands of Muui and Silmi in Jung-gu, Incheon, paving the way for a resort complex development project.

On December 8, the Ministry of Trade, Industry and Energy held a meeting of the FEZ Committee and decided to designate the Muui Solaire Resort Complex Development Project Site as an FEZ.

Solaire Korea, which currently runs a casino in Jeju, is investing KRW 1.5 trillion for this project to build a world-class resort complex for leisure and recreational activities.

Solaire Korea was established with a 100-percent investment by Philippines' Bloomberry Resorts Corporation, which owns and operates the Solaire Resort and Casino and Sky Tower.

The Muui Solaire Resort Complex will feature a resort hotel, meditel, ocean view hotel and water park, and plans to introduce cultural content in connection with the natural environment and the Korean Wave.

The company is also pushing forward with the establishment of the U.S. Academy of Motion Picture Arts and Science's Asia Center,

It plans to receive approval for the enforcement plan next year, complete construction by 2022, and open doors in 2023.

When the resort complex opens, it is expected to attract 1.46 million foreign and domestic visitors every year.

The Incheon FEZ Authority expects the project to create a production induction effect of KRW 4.1 trillion and 42,000 new jobs for the next ten years.

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Source Text

Source: Yonhap News (Dec. 8, 2017)

** This article was translated from the Korean.
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