Interglobe will invest USD 500 million in Gyeonggi Province

Createdd 2007-06-14 Hit 6728

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“Why don’t we fully utilize the fertile land of Gyeonggi Province?” said Governor Kim Moon-soo

Gyeonggi Governor Kim Moon-soo entered into an LOI worth USD 500 million with Interglobe General Trading in Dubai on June 10.

According to the LOI, Interglobe will build hotels, resort, and golf courses in Hallyu Wood of Goyang and Gwanggyo New Town in Suwon.
“I was impressed with Dubai’s efforts to write a new chapter in its modern history, overcoming its unfavorable location in the desert. We should have freedom to realize what we imagine. Regulations only limit our capabilities,” said Governor Kim.

He strong criticized some of the central government’s policies. “While Dubai is transforming a wasteland into Utopia through a series of remarkable development projects which have surprised the world, we are fighting each other over regulations, turning our nation into ‘the land of no opportunity’.”

He added, “The construction technology of Korean companies is so excellent that Samsung is even building the world’s highest building in Dubai. However, we keep building the same, low-cost, ugly rental houses all over the country, and causing house prices to spike even as we fail to build them well. The target of criticism should be the government’s mistaken policy of differentiating the Seoul Metropolitan area and provincial areas, and equalizing public education at a low level.”

Governor Kim noted that Gyeonggi Province will introduce diverse world-class measures to add creativity and character to Gwanggyo New Town and Dongtan New Town, which Gyeonggi Province plans to build in the future.
Visiting Burj Dubai Tower in Dubai on June 9, Governor Kim expressed his concern over the government policies controlling the development of the Seoul Metropolitan area, saying “a Korean company is building the world’s highest building in the desert. Why do we waste our valuable land here in Gyeonggi Province?”

He added, “Equipped with the world-best construction technology, Korean companies now have to display their capabilities in the land of others. Such technology and output should be displayed in our land.”
Governor Kim encouraged Senior Vice President Cheong Chang-gil and Burj Dubai Constriction Office Head Kim Kyeong-jun of Samsung Corporation, saying “Burj Dubai is not just a building, but a history of 21st century architecture.”

Samsung Corporation is constructing the world’s highest 160-story building, with a height of over 700m. The building is being built by Korean engineers, who are working in a desert at 40c.