KIT World said Thursday it had reached an agreement with US financial institutions and investors on the overall investment terms for its “KIT World Project” in Yeongjongdo, Incheon.
The KIT World Project is a large-scale development valued at $7 billion, aiming to build what the company describes as the world’s first and largest “five-dimensional” theme park.
The discussions were held during meetings in Los Angeles and Sioux Falls, South Dakota.
According to the company, key issues were finalized as planned, including schedules for US investors to visit Korea, approval of partially revised business plans, details on total investment and execution of funds.
With the agreement in place, the project is expected to enter full-scale implementation following a project briefing in Incheon in May.
Interest from the local community has been rising. As of late last year, the project’s website recorded more than 25,000 visits on Korean portal site Naver, with traffic continuing to grow.
A company official said the agreement reflects long-standing cooperation and described the outcome as satisfactory.
However, the company also cautioned against spreading exaggerated or misleading information that may arise in the early stages of the project, emphasizing that accurate communication is essential. It added that detailed plans will be disclosed transparently at the upcoming briefing session, which will be attended by foreign investors, key domestic figures and the media.
The KIT World project briefing is scheduled to take place in Incheon in May.
By Lee Hong-seok and Jeon Ji-woo
gilbert@heraldcorp.com
jwjeon7625@heraldcorp.com
