Yeoju Premium Outlet, established on Gyeonggi Province’s investment, will be expanded to twice its original size. This will make it the largest outlet of its kind in Asia.

Governor Kim Moon-soo, along with President Kim Hae-song of the Sinsaege Group; Congressman Jeong Byeong-guk; Mayor Kim Choon-seok of Yeoju; Gyeonggi Province Congressmen Kim Jin-ho and Won Wuk-hui; Chairman Kim Gyu-chang of the Yeoju Congress; and Gang Byeong-gu, the Chairman of Shinsegae Simon, will be encouraging the staff members of the Yeoju Premium Outlet expansion project at the groundbreaking ceremony.

Shinsegae Simon is planning to invest approximately 80 billion KRW by 2014 to expand Yeoju Premium Outlet from 264,400㎡ to 463,413㎡, which is 1.8 times its original scale. Gyeonggi Province signed an investment MOU with Shinsegae Simon in November 2011 regarding the expansion.

Yeoju Premium Outlet has generated 600 billion KRW in economic effects per annum since it opened in June 2007 and has hired over 9,000 people. Gyeonggi Province is expecting more than 1,000 new jobs to be created and for six million overseas tourists, mainly from China, to visit the area. The new expansion will make space for a local agricultural product store, which will help to stimulate the local economy.

The major agricultural goods store will present a new model for foreign investment as it is a model example of coexistence between local farmers and foreign investors.

Governor Kim said about the expansion that “Yeoju Premium Outlet put the region back on the map. In conjunction with Silleuksa Temple, the Ceramic Biennale, it will create a tourist belt with excellent food and shopping. Yeoju has our full support as the project will elevate the city’s stance and further develop the city.”

<The Ripple Effects of the Yeoju Premium Outlet Investment Project>
– New job creation: the direct employment of over 1,000 people (2,400 when including indirect employment)
– Attracting over 6 million overseas tourists per annum
– Offering an outlet for local agricultural produce (coexistence between corporate and local farmers)
– Stimulating the local economy and tying in nearby tourist resources to attract more tourists
– Improving Yeoju’s image by mixing manufacturing with the service industry