JEJU-DO < invest Korea

Last Wednesday, the Jeju Free International City Development Center (JDC) signed a memorandum of understanding (MOU) with Malaysia’s EMG Group for an investment of KRW 1 trillion in the Myths & History Theme Park.

EMG Group made an on-site survey of the park in January and submitted a letter of intent in March. After a series of negotiations, JDC and EMG Group signed the MOU. According to the MOU, EMG Group will build a resort complex on a 1,720,000㎡ site in A and R zones in the park.

EMG Group is currently constructing a resort complex, which features the beautiful natural and cultural assets of Malacca, in Malaysia with an investment of USD 1.2 billion.

“It has been slow in attracting private investments. However, the Aerospace Museum is being built to open in the first half of next year, and we are seeing more investments from the private sector. We believe that the project to build the Myths & History Theme Park will be revitalized soon,” said a JDC official.

Source: Newsis (Apr. 3, 2013)

** This article was translated from the Korean.