Busan is good

Busan-Jinhae FEZ targets tourists

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Foreign and local investors to build $160m amusement park in the zone

 

Experts will doubtless be able to point out dozens of economic and geographic factors that could boost Hong Kong to be a global economic and financial hub.

 

However, one of the non-economic but crucial reasons which has been largely downplayed, is the wide range of entertainment available in the harbor city.

 

Hong Kong not only offers tax free services but also an array of attractions such as amusement parks, fascinating harbor views and world-class luxury hotels.

 

The Busan-Jinhae Free Economic Zone is set to offer a similar range of attractions, as a group of local and global developers embark on developing a 180-acre amusement park. The zone authority and the South Gyeongsang provincial government struck a deal with two investors last week to build the Namsan Amusement Park in the free economic zone.

 

With the conceptual idea of "Venice in Korea," Emerson Pacific Inc., a locally listed real estate developer, and Morgan Stanley Real Estate Fund V Inc., a subsidiary of Morgan Stanley & Co. International Ltd., agreed to jointly invest around $160 million in the water garden.

 

Emerson Pacific CEO Lee Man-keu stressed that the facility will be quite different from conventional resorts and tour attractions, which are mostly comprised of hotels, country clubs and amusement parks.

 

"The resort's concept started from the image of a green leaf, where artificial lakes and islands are interconnected," Lee said.

 

"The major facilities include a vineyard, winery and sampling bar, green tea farm and factory, botanic garden, zoo, and sophisticated condominiums."

 

Lee added that the resort will be operated by Hilton International, a global leader in the lodging industry.

 

His company also plans to interconnect the Namsan Hilton Resort and the Hilton Namhae Golf & Spa Resort that is currently under construction and is scheduled to open in September.

 

The partnership will provide co-membership and ferry services between Namhae and Jinhae, traditional tour hubs along Korea's southern coast.

 

As the central and provincial government pledged to lower restrictions and cut through the red tape, the development project is expected to enjoy large administrative support.

 

Kim Tae-ho, governor of South Gyeongsang Province, and Kim Byung-ro, mayor of Jinhae City, pledged to offer all available administrative aid to the establishment of the amusement park.

 

The Namsan Amusement Park is expected to boost the region's tourism industry.

 

The Busan-Jinhae free economic zone has already played host to major international events since it is home to the Pusan International Film Festival, which attracts thousands of foreign visitors every year.

 

The city of Jinhae also draws thousands of Asians to its popular Cherry Blossom Festival.

 

The U.K. leisure facility developer SnowBox Ltd. will also invest $200 million in the construction of an indoor ski dome with a shopping center, hotels and other amenities.

 

With the frequent ferry service to Japan, the fast-growing entertainment business in the Busan-Jinhae area is also aiming for a substantial influx of foreign tourists over the longer term.

 

The source of news : The Korea Herald  2006.05.09