Gyeonggi Province‘s designation will expedite development of Asia’s largest Paramount-themed park

Aerial view of Hwaseong International Theme Park (Hwaseong City)
Aerial view of Hwaseong International Theme Park (Hwaseong City)

The Paramount theme park project in Gyeonggi Province will get a boost when Gyeonggi Province formally declares an area in Namyang, a town in the western part Hwaseong City, as a theme park district on Tuesday.

Gyeonggi Province, on Monday, said that the 2.85 square-kilometer Hwaseong International Theme Park Tourism District would be formally declared Tuesday after receiving approval from the Gyeonggi Provincial Urban Planning Committee and consulting with the Ministry of Culture, Sports and Tourism.

Hwaseong City applied for the designation in May. Under South Korean law, a tourism district can be designated by the provincial governor if the area exceeds 500,000 square meters. The designation allows the project to benefit from direct approval processes by the provincial governor and various incentives, including a 50 percent reduction in land acquisition taxes.

The move is expected to expedite the development of what will be Asia’s largest theme park, featuring the Paramount brand.

The Hwaseong International Theme Park, first proposed in 2007, has long been a local priority following the cancellation of plans for a Universal Studios theme park. Shinsegae Hwaseong, a special purpose company majority-owned by Shinsegae Property, is investing approximately 9.4 trillion won ($6.4 billion) in the project, which will be located in the Songsan Green City area of Hwaseong.

In October, Gyeonggi Province, Hwaseong City, and Paramount Entertainment officials met to announce plans for the park, with Gov. Kim Dong-yeon voicing his strong support for the initiative.

The theme park will be part of a larger complex, including hotels, shopping malls, and a golf course. The project is also expected to create roughly 49,000 jobs.

Gyeonggi Province expects the Hwaseong International Theme Park to attract more than 20 million visitors a year, becoming a driving force for balanced development in the western part of the province.

"The Hwaseong International Theme Park is a long-anticipated project for both Gyeonggi Province and Hwaseong residents. The designation of this tourism district is a crucial first step for its success," said Kim Sang-su, director of the Gyeonggi Province Culture, Sports and Tourism Bureau.