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$100 million (about 110 billion won) will be invested to build the outlet on 150,000 square meters of land in Sangok-dong, Uijeongbu, which is about an hour drive from Seoul.

Nam Kyung-pil, Gyeonggi Province governor, signed a memorandum of understating (MOU) for establishing of the premium outlet with Mayor Ahn Byeong-yong of Uijeongbu, CEO Mark Silvestri of Simon Property Group, and CEO Kang Myung-koo of Shinsegae Simon on July 25 at 2 p.m. (local time).

Shinsegae Simon, a joint venture between Shinsegae Group and Simon Property Group, said that over $100 million (about 110 billion won) will be invested to build the Uijeongbu Premium Outlet, which is expected to be the second largest outlet by size. Shinsegae Simon has opened premium outlets in Yeoju, Paju and Siheung in Gyeonggi.

It is scheduled to be finished by December 2018. The opening of the Uijeongbu Premium Outlet will boost the economy in the northern part of Gyeonggi Province creating at least 1,000 jobs and hiring at least 3,000 workers indirectly. In addition, about five million people will visit the shopping outlet per year.

“Like Yeoju and Paju premium outlets, the Uijeongbu Premium Outlet will be a good example of creating jobs,” said Economy & Investment Office Assistant Governor Choi Hyun-deok in the signing ceremony. “Gyeonggi will provide full administrative support and I hope that Shinsegae Simon will keep its promise to employ Gyeonggi residents by priority and seek co-prosperity with small businesses operating in Gyeonggi,” he added.

“Yeoju and Paju premium outlets have created many jobs and become one of the best in Korea,” said Simon Property Group CEO in his greeting. “I believe that the Uijeongbu Premium Outlet will also create new jobs and play a role in boosting the tourism industry in Gyeonggi Province,” he added.

“The Uijeongbu Premium Outlet will create jobs, vitalize the local economy and attract more foreign tourists,” said Mayor Ahn in the signing ceremony. “Simon Property Group, Shinsegae Simon, Gyeonggi and Uijeongbu will cooperate with each other to ensure the success of the Uijeongbu Premium Outlet,” he also said.

“Superb natural scenery of Uijeongbu will make the Uijeongbu Premium Outlet one of the best shopping landmarks in Korea,” said CEO Kang in his speech. “Simon Property Group’ development knowhow and Shinsegae Simon’s marketing capability will help the premium outlet become a world-class tourist attraction,” he added.

Simon Property Group and Shinsegae Simon have opened Yeoju and Paju premium outlets in 2007 and 2011 respectively. The two outlets attract an annual average of 5 million people contributing the vitalization of the local economy and job creation.