Gyeonggi Province, Uijeongbu City, and YG Entertainment signed an agreement on January 16 for a KRW 100 billion investment in a global K-Pop cluster in and around Sangok-dong

Accommodating concert halls, hotels and outlet malls, it is expected to create 1,500 jobs as well as production inducement effects of KRW 150 billion

◇ Gyeonggi Province Governor Nam Kyung-pil, YG Entertainment CEO Yang min-seok, and Uijeongbu City Mayor Ahn Byung-young signed the agreement at the YG Global K-POP Cluster Establishment Agreement Ceremony held in Uijeongbu City Hall on January 16. ⓒ Gyeonggi G-News Heo Seon-ryang

YG Entertainment, a leading entertainment company of the nation, will invest KRW 100 billion to create a K-pop cluster in Uijeongbu City, Gyeonggi Province, which will accommodate concert halls, hotels, premium outlet malls and more.

The K-pop cluster will be created by 2018 on a 49,600-square-meter site in Sangok-dong, Uijeongbu City. This mega cultural complex, once completed, will share the limelight with Hallyuworld in Goyang City as a mecca for the Korean Wave in northern Gyeonggi Province. 

With Uijeongbu City and YG Entertainment, Gyeonggi Province held the YG Global K-Pop Cluster Establishment Agreement Ceremony at the auditorium in Uijeongbu City Hall on January 16.

The ceremony was attended by approximately 100 people including Gyeonggi Province Governor Nam Kyung-pil, YG Entertainment and YG Plus CEO Yang Min-seok, Uijeongbu City Mayor Ahn Byung-young, and National Assembly Member Hong Moon-jong (Saenuri Party), as well as Gyeonggi Provincial Assembly Members Kim Jeong-yeong, Park Sun-ja, Cho Nam-hyeok and Kim Young-min. 

Governor Nam Kyung-pil said, “One of the goals for ‘NEXT Gyeonggi,’ which is the slogan of Gyeonggi Province, is to lead the world through culture and to be prepared for the future. I’m very confident that this agreement to establish a K-pop cluster will lay a foundation for the development of the cultural industry in Gyeonggi Province and across Korea.”

“The cluster, once completed, will create some 1,500 new jobs, play a significant role in the economy, and serve as a landmark of the Korean Wave where people plan, create and distribute Korean Wave contents. I’d like to express my appreciation to YG Entertainment for their investment decision. Gyeonggi Province will provide full support for Uijeongbu City to develop into a representative cultural and tourism city of Korea,” he added.

YG Entertainment CEO Yang Min-seok said, “It has been 19 years since the inception, and our global activities have recently accelerated. It is our pleasure to work with Gyeonggi Province and Uijeongbu City for building up the nation’s best global entertainment foundation. We will concentrate all our efforts in creating Korea’s first complete music industry ecosystem so that it won’t end up as a one-time event. We will do our utmost to create new jobs, invigorate the economy, and to contribute to the economic growth as a hub for creative economy.”

◇ Governor Nam Kyung-pil delivers remarks at the agreement ceremony. Governor Nam said, “I’m confident that this agreement to establish a K-pop cluster will lay a foundation for development of the cultural industry in Gyeonggi Province and across Korea.”

Saenuri Party National Assembly Member Hong Moon-jong (Uijeongbu Eul District) said, “We may say that the future of Korea depends on the Korean Wave for it is the only valuable asset we have that can be utilized to capture world markets. I will give all my support for this cluster establishment project so that Uijeongbu City can lead Korea’s pop culture going forward.”

According to the agreement signed that day, YG Entertainment will make an investment of KRW 100 billion of its own capital and create a culture, tourism and industrial complex in and around Sangok-dong, Uijeongbu City, which will house a concert hall with over 3,000 seats, a family hotel, a premium outlet mall, factory stores, a residential area for foreigners, and shopping places and accommodations for Chinese nationals.

Gyeonggi Province and Uijeongbu City began to work on the urban zoning and development plan back in June 2012, and will provide various administrative supports this year, including local public finance investment evaluation, public and private joint venture corporation establishment, and an official announcement of the urban zoning and development plan.

Gyeonggi Province expects that the cluster, construction for which is scheduled to begin in October next year and end in December 2018, will have a profound impact on economic vitalization by generating over 600 new jobs, thereby creating direct employment of 1,500 jobs, a ripple employment effect of over 20,000 jobs, and a production inducement effect of KRW 1.5 trillion.

Sangok-dong, Uijeongbu City, where the global K-pop cluster will be located, is easily accessible from Seoul and Incheon International Airport via the beltway around Seoul and the Guri-Pocheon Expressway, so it is expected to become a major attraction for local and foreign tourists.

An official of Gyeonggi Province said, “We’re going to provide full administrative support at each step for the success of the YG global K-pop cluster establishment project. The project will make a positive contribution not just to the development of Uijeongbu City but also to local economies across the province.”

◇ After the agreement ceremony, Governor Nam Kyung-pil, CEO Yang Min-seok, Mayor Ahn Byung-young and other participants pose for a commemorative photo. ⓒ Gyeonggi G-News Heo Seon-ryang