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MGM Studios of the U.S. plans to build a theme park in a place near Incheon International Airport by 2011. According to the report disclosed on April 14 by the Ministry of Land, Transport and Maritime Affairs (MLTM) and the Incheon International Airport Corporation (IIAC), the IIAC and MGM recently signed an MOU to build a 1.5 million ㎡-sized MGM theme park in the International Business Center (IBC-II) inYeongjong Island.

The master plan for the theme park is expected to be ready within 3 months. The work for site preparation will start upon attraction of investors. The theme park is scheduled to be opened by 2011.

It is reported that Yeongjong Island was selected as the site because of its geographical advantage of being located in the middle of Northeast Asia, which will help it grow as a good tourist attraction.

Commenting on the plan, an MGM Studio Park official said, “Being located close to Incheon International Airport, the IBC-Ⅱ is expected to offer advantages in attracting visitors from China and Japan. The place was selected as the site for our theme park for its good transportation infrastructure, i.e. highways, railroads and subways. MGM Studio Park will be the first theme park MGM is opening in Asia. It is expected that MGM’s diverse film contents and the information technology of Korea will combine to make it a futuristic, cutting-edge theme park.”

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It is reported that the IIAC and the Eighth Wonder Leisure Consortium (comprised of POSCO Engineering & Construction, Eighth Wonder of the U.S. and Macquarie of Australia) signed an MOU for formation of a 3.4 million ㎡-sized multi-purpose entertainment zone in the IBC-II on April 14.

Commenting on the deal, an MLTM official said, “Upon completion of the development, the zone is expected to attract 5.8 million tourists a year, with a 5.8 trillion won worth of economic inducement effect, in addition to the effect of creating 150,000 jobs.”

Reported by Shim Jae-hoon (Seoul=Yonhap News)

president21@yna.co.kr

©Yonhap News, April 14, 2008