Asia's Largest 'Hwaseong International Theme Park' Designated as 'Gyeonggi Province Tourist Complex'

[Suwon Ilbo=Reporter Kim Gap-dong] An area of 2,854,708㎡ (approximately 860,000 pyeong) spanning Shinwae-ri and Munho-ri in Namyang-eup, Hwaseong City (Songsan Green City Special Planning District 8) will be designated as the 'Hwaseong International Theme Park Tourist Complex.'

Gyeonggi Province announced on the 30th that it has completed deliberation by the Gyeonggi Province Urban Planning Committee and consultation with the Ministry of Culture, Sports and Tourism, and will officially announce the 'Hwaseong International Theme Park Tourist Complex Designation' on the 31st.

Previously, Hwaseong City submitted an application to Gyeonggi Province in May requesting the designation of Hwaseong International Theme Park as a tourist complex. A tourist complex can be designated by the provincial governor if it meets a size requirement of 500,000㎡ or larger. Once designated as a tourist complex, permits and licenses can be processed simultaneously with the approval of the development plan, thereby shortening the timeframe, and various benefits such as a 50% reduction in acquisition tax are available.

The province expects the designation of this tourist complex to accelerate the project to develop Asia's largest-scale theme park utilizing the brand of global entertainment company 'Paramount.'

The Hwaseong International Theme Park, initially pursued in 2007, is an area that embodies the ardent aspirations of residents following the cancellation of the Universal Studios project. This is a large-scale project in which Shinsegae Hwaseong Co., Ltd. (Shinsegae Property + Shinsegae Construction) is investing approximately 9.4 trillion won in business costs (100% private investment) on the eastern site of Songsan Green City in Shinwae-ri, Namyang-eup, Hwaseong City.

The province met with Hwaseong City and Paramount Entertainment in October and announced that Asia's largest-scale Paramount theme park will be developed at Hwaseong International Theme Park, and Governor Kim Dong-yeon of Gyeonggi Province expressed his active support.

Hwaseong International Theme Park is planned to be developed as a complex tourist destination combining a theme park, hotels, shopping mall, golf course and more, centered on global entertainment content. It is expected to generate approximately 11.7175 trillion won in production inducement effects during the development stage, approximately 4.7144 trillion won in production inducement effects during the operation stage, and approximately 49,000 employment inducement effects.

The province anticipates that Hwaseong International Theme Park, attracting approximately 20 million or more tourists annually, will serve as a driver for balanced development in the western region of Gyeonggi. Upon completion of the tourist complex development, Hwaseong City will secure sustainability as a global tourism city and is expected to establish itself as a new pillar of South Korea's tourism industry.

Kim Sang-su, Director of Culture, Sports and Tourism for the Province, stated, "Hwaseong International Theme Park is a long-cherished project that both residents of Gyeonggi Province and Hwaseong City have awaited," and added, "This tourist complex designation is an important first step toward project success. The province will actively support Hwaseong City's growth into a world-class tourism destination."