Global Economic Times

Gyeonggi Governor Kim Dong-yeon Secures ₩9.5 Trillion Investment for Hwaseong International Theme Park, Touting it as a ‘Long-Awaited Dream’: Hwang Sujin Reporter / Updated : 2025-10-30 01:26:55

SEOUL/BOSTON – Gyeonggi Province Governor Kim Dong-yeon has successfully ramped up investment for the long-stalled Hwaseong International Theme Park project, announcing a significant increase in capital from ₩4.5 trillion to ₩9.5 trillion and securing a vital partnership with global content giant Paramount. The governor, during a recent visit to Boston, USA, highlighted the project as a deeply desired goal for the citizens of Hwaseong and Gyeonggi Province.

A Boost for Tourism and Economy

The ambitious project, set to break ground in the second half of next year with a target for Phase 1 opening in 2030 and full completion by 2035 or later, is now anticipated to deliver a staggering economic impact. The developer, Shinsegae Hwaseong (a joint venture by Shinsegae Property and Shinsegae E&C), estimates that the theme park will generate an economic production effect of approximately ₩70 trillion and create 110,000 jobs by 2050. It’s also projected to attract 30 million visitors annually.

Governor Kim expressed strong support for the expansion during a meeting with key executives, including Marie Marks, Senior Vice President of Paramount, and Im-yong Lee, Managing Director of CSR at Shinsegae Property, in Boston on October 28 (local time).

“The International Theme Park is a project that the citizens of Hwaseong and Gyeonggi have been waiting for a very long time,” said Governor Kim. “Considering the current development trend of the tourism, culture, and entertainment industries, I believe that this expansion of investment is very appropriate.”

Paramount’s Content to Anchor the Park

The theme park will be located on the east side of Songsan Green City in Sinwoe-ri, Namyang-eup, Hwaseong City, covering an expansive area of approximately 4.23 square kilometers. The cornerstone of its unique offering will be the integration of Paramount’s world-renowned content and intellectual property (IP).

Paramount is a global entertainment powerhouse, owning Paramount Pictures (one of the five major Hollywood studios), the broadcasting network CBS, and cable channels like Nickelodeon and MTV. The park is poised to bring to life the fantastical worlds of Paramount’s diverse portfolio, which includes blockbuster action franchises such as 'Mission: Impossible' and 'Top Gun,' along with beloved animations and classics like 'SpongeBob,' 'Gladiator,' 'The Godfather,' 'Teenage Mutant Ninja Turtles,' and 'Star Trek.'

Governor Kim emphasized his high expectations for the collaboration: “I expect Paramount’s story and imagination, combined with this investment, to create a world-class landmark.” He also pledged to expedite administrative procedures, including the final approval for the creation of the tourist complex, stating, “We will ensure it proceeds as planned, or even faster.”

A Strong Partnership for a Global Destination

Both Paramount and Shinsegae Property acknowledged the critical nature of the partnership.

Marie Marks from Paramount stressed the importance of the trilateral cooperation: “It is incredibly important that Gyeonggi Province, Paramount, and Shinsegae join forces to create a solid and strong partnership.” She added, “We see this as a very good opportunity to create a unique global tourist destination and have high expectations for the project.”

Im-yong Lee from Shinsegae Property affirmed the developer’s commitment to innovation: “We will concentrate our efforts on developing an innovative, future-oriented tourist complex where people, technology, and nature coexist to create a new form of life.” He promised an experience distinct from a mere amusement park, delivering “a different kind of joy where characters and stories from your imagination can be experienced in reality.”

The official partnership with Paramount was first announced by Gyeonggi Province in October of last year. Shinsegae Hwaseong has already applied to Hwaseong City for the updated development plan with the increased investment and is scheduled to submit it to Gyeonggi Province next month.

The successful implementation of this project is expected to significantly elevate South Korea’s status as a major global tourism hub, providing a diverse and high-quality entertainment option that taps into world-class intellectual properties. The proactive stance of Governor Kim and the confirmed commitment of major international and domestic partners signal a clear path forward for what is heralded as a cornerstone of Gyeonggi's regional development strategy.