BJFEZ to Build Tourism, Leisure Complex

The Busan-Jinhae Free Economic Zone (BJFEZ) Authority said Wednesday the business-specialized zone will house a tourism and leisure complex within its Undong district.

The economic zone signed a memorandum of understanding (MOU) on the project with the government of South Gyeongsang Province and a consortium of local developers ― Youngwon Development Corp. and STX Construction ― Tuesday, at the provincial government office in Changwon.

It will also include several U.S.-based partners. United States Development Group and Acrylic Tank Manufacturing will invest $50 million each in the construction of an eco-friendly resort and an aquarium. Turner International will also support the project.

Under the MOU, the consortium will invest 307 billion won ($259.3 million) to develop a 2.3-square-kilometer reclaimed site in the district. In the first stage of the project, starting next year through 2013, recreational facilities such as a 30-hole public golf course and a water theme park will be constructed.

Facilities such as a luxury hotel, a casino, foreign hospitals and educational institutions will follow from 2016 to 2018 in the second phase. The plan is to turn the area into a global top-notch tourism and leisure complex, the BJFEZ said.