[News Today] PARAMOUNT THEME PARK IN HWASEONG

[LEAD]
Paramount Global, a leading content distributor, has been confirmed for the Global theme park project in Hwaseong. After 17 years of on-and-off development, attention is being drawn to whether it will be actually completed.

[REPORT]
The Songsan Green City, currently under construction in Hwaseong. A 4.2 sq.km. area on the eastern side will be home to an international theme park.

The project is estimated at 4.6 trillion won, or 3.4 billion dollars. It will feature hotels, shopping malls, golf courses and a movie theme park.

The project partner that will provide movie-related IP in brands and characters is the media giant Paramount Global.

Marie Marks/ Head of Paramount's entertainment division
It will captivate regional and international visitors and fans of Paramount Global IP from around the world.

However, the 2007 project that envisioned a Korean version of Universal Studios theme park has been scrapped twice already due to the developer's financial troubles. High anticipation runs concurrent with immense pressure to exceed the very expectation.

Shinsegae Group was selected to carry out the project in 2019, but its commencement was postponed due to the COVID-19 pandemic.

Lim Young-rok/ Head of Shinsegae Property
We want to do our best because of the support we have received from so many people.

Construction will likely begin in 2026 after all red-tape procedures, including the designation of a tourism complex by the Gyeonggi-do provincial government and a permit for the project plan is taken care of.

The Gyeonggi-do provincial government and the Hwaseong city government have pledged to create transportation infrastructure and provide administrative support.

Jeong Myeong-geun / Hwaseong Mayor
We hope to create 110,000 jobs, attract 30 million tourists annually, and generate KRW 70.6 tn (USD 52 bn) in production and added value.

Korea's first Paramount movie theme park is slated to open in 2029.