Gyeonggi Province is taking steps to attract the world-class theme park Universal Studios. The Gyeonggi Investment Promotion Committee along with Governor Kim Moon-soo, who are visiting the United States, met up with the executives of Universal Studios in LA on the 28th (Korean time) and toured their facilities.

Governor Kim met with theme park expert President Frank Starnek of USK Property Holdings Co. Ltd and Vice President Peter Wong of UPR (Universal Park & Resort) to express his eagerness to establish a Universal Studios Theme Park in Gyeonggi Province.

In response, the parties from Universal Studios explained their ongoing plans to build an Orlando-style Universal Studios consisting of a mixture of theme park and theme hotels on a dedicated site within Gyeonggi Province, and suggested their interest in concluding an MOU with Gyeonggi Province related to the establishment of a theme park in the near future.

Following the opening of Universal Studios Japan in 2001, Universal Studios headquarters announced their intention to enter the Korean market last year, granting exclusive business rights to Universal Studios Korea (USK).

The visiting committee from Gyeonggi Province also toured the 4D Shrek Theater and Water World Show within the Universal Studios theme park after their meeting with the executives.

Governor Kim exclaimed, “This theme park is truly as amazing as its worldwide reputation would suggest. We are envious that Florida has such a wonderful facility, which provides so much fun and enjoyment to its citizens,” after his full tour of the park.

Vice President Peter Wong remarked, “We are greatly interested in the Korean market. Establishing a theme park, especially in the metropolitan area, will lead to opportunities for us to pursue markets within the Northeast Asian regions.” He also commented, “My Korean colleagues say that Universal Studios will succeed in Korea, because it is well-liked by many Koreans.”

President Starnek also mentioned, “USK hopes to build a world-class resort within Gyeonggi Province. We are currently planning to integrate elements which are appealing to Koreans and Asians, based upon our original Orlando park scheme. Based on Korea’s strong economic performance for the past 15 to 20 years, we are sure that the time has come for the establishment of a high-class theme park.”

Gyeonggi Province estimates that the establishment of Universal Studios will require an investment of KRW 2,900 billion over the next 5 years, will create a production value of KRW 5,500 billion, generate tax revenue of up to KRW 190 billion and provide jobs for approximately 60 thousand workers.

The establishment of a Universal Studios Theme Park in Gyeonggi Province is also expected to bring about additional development in related industries through the acquisition of related management expertise, as well as additional opportunities in the tourism sector, additional leisure facilities, an increasing number of foreign tourists and an enhanced spotlight on the Gyeonggi Area.

Universal Theme Park is an amusement park based on famous movies. It is owned by its parent company, the global movie production and broadcasting company, NBC Universal Group. There are currently Universal Theme Parks in Hollywood (California, U.S.), Orlando (Florida, U.S.) and Osaka (Japan).
Governor Kim also held investment consultations regarding a USD 1.2 billion deal with U.S. clothing store “Forever 21” at Oxford Hotel in L.A., and received a LOI (Letter of Intent) for future investment activities. President of “Forever 21” Donald Jang, a successful Korean American who owns 400 stores around the world, expressed his eagerness to form a consortium with other famous brand makers and invest in a huge luxury shopping mall in Gyeonggi Province.