South Korea is in line for its first two entertainment themeparks - a Korean Wave-themed "Hallyuwood" and a Hollywood-themed MGM Studio City.
Hallyuwood is set to open inGyeong-gi Province by 2008, while MGM plans to open an MGM Studio Cityin Busan by 2011.
Taking its name from"Hallyu," which means Korean Wave in Korean, Hallyuwood will also houseentertainment content development and production facilities in addition totourist attractions such as rides, leisure facilities, performances,exhibitions, restaurants and accommodation.
With a total projectedbudget of $2bn, Gyeong-gi Province is putting $138.7m into the Hallyuwood complex with the rest to comefrom private and government funds.
Prime Industrial has signeda memorandum of understanding with Gyeong-gi Province to invest in the venture. With its real estate development andconstruction businesses, Prime Industrial looks to gain a leading role for itsnewly launched entertainment subsidiary, Prime Entertainment, in the Hallyuwoodventure.
Meanwhile, MGM has signed amemorandum of understanding with Busan Metropolitan Cityto build a large-scale, Hollywood-style theme park in the Southern harbourcity. With its film-related content, MGM is to create a park that encompasses aHollywood Way, a film academy and an entertainment school inaddition to amusement park rides, leisure facilities and accommodation.
The MOU specifies that Busanis to make over 245 acres available for the MGM Studio Cityproject in the 882-acre East Busan Tourist Complex, currently in development.The total budget for MGM Studio Cityis estimated to come to $1bn.
Host to the region's leadingPusan International Film Festival and BIFCOM film commissions convention, Busanhas been pursuing the concept of becoming an Asian hub for visual media andentertainment for the past few years.