JEOLLABUK-DO < invest Korea

According to Yonhap News,

The government on Monday finalized a blueprint to build a theme park and resort complex in the reclaimed land of Saemangeum on the west coast by 2026 with private sector investments worth 144.3 billion won (US$110.2 million).

The decision was reached during a government meeting presided over by Prime Minister Han Duck-soo, focusing on transforming a portion of the 409-square-kilometer Saemangeum reclaimed area into a "challenge theme park."

Under the plan, private sector entities will collectively invest 144.3 billion won in constructing substantial accommodations, including condominiums and private villas, as well as a performance facility for children and a Ferris wheel.

The project also entails the installation of local produce marketplaces to support the local community and the reorganization of existing leisure pathways, making them accessible to the general public.

It marks the first time private enterprises are investing in Saemangeum's tourism development under the Yoon Suk Yeol administration, aiming to revive the local economy.

Construction is set to commence later this year, with the project's completion targeted for the end of 2026.

Saemangeum was the venue for the 2023 World Scout Jamboree, which ended in failure earlier this year due to the scorching weather and the government's lack of preparation.


khj@yna.co.kr

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Source: Yonhap News (November 6, 2023)