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Gov't targets $23.2 billion in new investment to boost Korea's tourism industry Updated: 2015-01-19 14:28:16 KST



The plan calls for the prompt spending of nearly 16 billion dollars previously earmarked for the development of four mega projects and aims to attract more than 7 billion dollars in new investments for the construction of hotels, resorts and theme parks for a total of 23 billion U.S. dollars.
The plan was formulated by the ministries of finance, tourism and land and other government agencies.
One of the four mega projects would develop the land in the U.S. Army's Yongsan garrison in central Seoul.
The other projects would develop land once used as the headquarters of Korea Electric Power Corporation, build auxiliary facilities for cogeneration plants in new towns and expand OLED display assembly lines.
To boost the country's tourism industry, the government will build two resorts with new investment targets of nearly 930-million dollars each.
The resorts will have hotels, conference halls, fine dining, shopping malls, leisure and sports facilities, medical facilities and casinos, which will only be open to foreign tourists.
The government says it will also aim to attract funds to expand the number of hotels nationwide to cope with the increasing number of foreign tourists every year.

Jan. 16, 2014
"We expect some one billion dollars to be available to construct 5-thousand hotel rooms by 2017."

The government also plans to authorize the opening of four new duty-free shops, three in Seoul and one on Jeju Island.
In addition, the government hopes to designate six new high-tech centers in urban areas and will provide more than 18 billion dollars this year in the form of loans to innovative tech companies.
Ji Myung-kil, Arirang News.
KOGL : Korea Open Government License
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