○ Investment MOU Signed on January 16
○ YG Global K-POP Cluster to be Located in Sangok-dong, Uijeongbu-si
○ YG to Invest 100 Billion Won to Build a Multi-performance Facility
○ Expected Effect: Creation of 600-plus Jobs (Employment Ripple Effect: 4,000 People) and Invigoration of the Local Economy

YG Entertainment plans to form a K-Pop cluster, including a multi-performance facility, a pop music hands-on experience place, and several stores and lounges, by 2018 on a 49,600㎡ land parcel in Sangok-dong, Uijeongbu-si.

A ceremony was held at the Uijeongbu City Hall at 11:30 AM on January 16 to sign an agreement for YG’s formation of a global K-Pop cluster, with 100-plus people in attendance including Governor Nam Kyung-pil, YG Entertainment CEO Yang Min-suk, Uijeongbu Mayor Ahn Byung-young, national assembly members Moon Hee-sang and Hong Moon-jong, Gyeonggi Councilors Kim Jeong-yeong, Jo Nam-hyeok, Kim Yeong-min, and Park Sun-ja, and Uijeongbu City Council chairman Choe Gyeong-ja.

Under the agreement, YG Entertainment will invest a total of 100 billion won (37.5 billion for land purchase, 62.5 billion for construction) to build the following facilities: ▲ large-scale performance facility; ▲ five small-sized performance facilities; ▲ pop music hands-on experience place focusing on Korean and other Asian pop music; ▲ residence hotel for pop music composers; ▲ studios; ▲ fashion and cosmetics stores; ▲ golf course and lounge.

YG Entertainment plans to develop this cluster as headquarters for training talented young people in linkage with YG LA Center and as a place where people enjoy pop music and spend a good time in collaboration with its cousins in Paju and Goyang.

Gyeonggi Province and Uijeongbu City expect the K-Pop Cluster to create 600-plus jobs, bring about employment ripple effect of 4,000 people, and go a long way in invigorating the local economy.

“The opening of the K-Pop Cluster will speed up the development of Uijeongbu and enhance its image. With it, hallyu content production and distribution will get a boost, and many foreign visitors will pay visits to the northern areas of Gyeonggi-do. The Gyeonggi Province will cooperate with Uijeongbu City to carry out the project successfully, including solution to problems like those associated with Green Belt,” Governor Nam Kyung-pil said, commenting on the cluster. 

On the other hand, Uijeongbu Mayor Ahn Byung-young expects the cluster to help the city become the center of the hallyu. The place will be a shot in the arm for the local economy by attracting many visitors for cultural activities, tourism, and leisure, he added.
 
For his part, YG Entertainment CEO Yang Min-suk said his company will pour all its efforts into building the cluster to make it a multi-purpose cultural space for the education and creation of pop music, composite performance facilities, hotel, and fashion and cosmetics stores.

As the future site of the cluster, Sangok-dong, Uijeongbu-si is said to be a good location for the attraction of visitors, locals and foreigners alike, from Seoul and Incheon International Airport through the Seoul Outer Ring expressway and the Guri-Pocheon expressway.