Gyeonggi Province signs LOI with Uijeongbu and Shinsegae Simon on March 12  

◇ Gyeonggi Province Governor Kim Moon-soo signed a Letter of Intent (LOI) to attract investment for a premium outlet on March 12 at the Shinsegae Group headquarters, along with Uijeongbu City Mayor Ahn Byung-yong, Shinsegae Group Vice Chairman Chung Yong-jin, Shinsegae Group President Kim Hae-sung, and Shinsegae Simon CEO Kang Myung-koo. ⓒ Gyeonggi G-News Heo Seon-ryang

A premium outlet will be established in Uijeongbu City of Gyeonggi Province, with an investment of at least USD 100 million (approximately KRW 110 billion).

Gyeonggi Province Governor Kim Moon-soo signed a Letter of Intent (LOI) to attract investment for a premium outlet on March 12 at the Shinsegae Group headquarters, along with Uijeongbu Mayor City Ahn Byung-yong, Shinsegae Group Vice Chairman Chung Yong-jin, Shinsegae Group President Kim Hae-sung, and Shinsegae Simon CEO Kang Myung-koo.

Shinsegae Simon is a joint venture between Shinsegae Group of Korea and Simon Property Group of the U.S. that operates world-renowned premium outlets. The joint venture will invest more than USD 100 million in Uijeongbu City to build a premium outlet.

“Yeoju has undergone remarkable regional development since the Shinsegae Premium Outlet opened, thereby enabling it to elevate itself to city status last year,” said Governor Kim in his greeting remarks. “We expect to see major ripple effects in the revitalization of the regional economy of Uijeongbu City as well. We will provide full administrative support for this project to ensure its successful implementation as well as the development of Uijeongbu City as a top-tier city in the service industry. We hope Shinsegae Group will also work earnestly on achieving win-win management with the region based on the trust it has built with Gyeonggi Province thus far.”

“The new premium outlet will be located in front of the 1.3 million-square meter Camp Stanley, a U.S. military camp that is scheduled to be relocated to Pyeongtaek City. The outlet is also located at an important traffic hub with two interchanges for Guri, Pocheon and Yangju only three minutes away,” said Mayor Ahn. “This outlet will be a driving force in the development of Uijeongbu City as well as northern areas of Gyeonggi Province.”

“Since the first premium outlet in Korea opened in Yeoju in 2007, another premium outlet was built in Paju in 2011, and in Siheung in 2013, and now one will be built in Uijeongbu. Theses outlets have emerged as leading tourist attractions that represent Gyeonggi Province,” said Shinsegae Group Vice Chairman Chung Yong-jin. “As this project, in which KRW 100 billion will be invested, is projected to provide over 1,000 jobs for local residents and contribute to regional development as well as the vitalization of the economy of Uijeongbu City by attracting over four million visitors a year, we hope you will continue to provide active support for this project.”

As the premium outlets that opened in Yeoju in 2007 and Paju in 2011 attract over five million visitors a year, they have been contributing to the revitalization of the regional economy and the creation of new jobs.

◇ Governor Kim gives greeting remarks while holding hands with Shinsegae Group Vice Chairman Chung Yong-jin. ⓒ Gyeonggi G-News Heo Seon-ryang 

ⓒGyeonggi G-News | Park Gwan-sik malbut@kg21.net 

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