Yeongjong Island to become home to W16tr theme park
KIT World, the project's developer, said Tuesday that massive foreign investment has been confirmed for the project, known as the '5D Theme Park.'
According to the company, foreign investors have pledged a total of 16.4 trillion won ($12.6 billion), including $2.8 billion in confirmed early-stage funding. These commitments were made before the project's formal introduction in Korea.
This futuristic park aims to transcend traditional amusement park experiences by integrating immersive digital technologies, such as artificial intelligence, augmented reality and virtual reality, with real-world attractions.
Kenneth Kim, a Korean-American who has been developing the project concept for nine years, is now partnering with KIT World and will serve as president for the newly planned foreign-invested corporation to complete the investment process and begin construction.
'This project has drawn strong interest from international investors who see high potential in the concept and scale of this theme park,' said a KIT World official.
'Despite facing domestic political turbulence in recent years, such as martial law declaration, impeachment proceedings and early presidential elections, we have recently reached a mutual agreement with our US partners and are now ready to proceed.'
An official from the Incheon Metropolitan City Government expressed optimism about the project, saying, 'We welcome foreign capital flowing into Incheon and look forward to in-depth collaboration with KIT World.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
6 hours ago
- Korea Herald
K-cigarettes go global: KT&G lights up overseas markets
KT&G's overseas cigarette sales outstrip domestic in Q1; market sees trend moving forward As beauty and food products lead the so-called K-frenzy, Korean cigarettes are becoming the next major export success, powered by KT&G, the country's largest tobacco company. In the first quarter of this year, the company's overseas cigarette sales reached 449.1 billion won ($327 million), surpassing domestic sales of 373.6 billion won for the first time — momentum that analysts expect to persist throughout the year. This quarter saw overseas cigarette sales rise 23 percent in volume and 54 percent in revenue from a year earlier, while domestic sales fell by 9.3 billion won. 'It underscores the shift toward an overseas-centered structure,' said an analyst at Kyobo Securities, noting that the overseas sales share in KT&G's tobacco division rose from 39.5 percent last year to 47.5 percent this quarter. KT&G's overseas cigarette sales rose from 1.01 trillion won in 2022 to 1.13 trillion won in 2023, then climbed 28 percent to 1.45 trillion won last year. According to financial information provider FN Guide, KT&G is forecast to post 6.34 trillion won in total sales for the full year, a 7.3 percent increase from last year, with operating profit rising nearly 10 percent to 1.31 trillion won. The achievement manifests CEO Bang Kyung-man's aggressive drive to build a fully localized global value chain, enhancing agility and profitability in local markets. 'With a spirit of challenge, KT&G will continue to expand its global direct business to enhance both profitability and corporate value,' Bang said. Backed by region-specific strategies and expanded direct sales channels, KT&G, which now exports to 135 countries, has positioned its ultra-slim cigarette brand, Esse, at the forefront of global markets. The brand has gained significant traction across Asia-Pacific, with Indonesia accounting for over 20 percent of KT&G's total overseas sales. There, KT&G has pursued a successful localization strategy, offering products like Esse Berry Pop to cater to Indonesian consumers' preference for clove-based cigarettes. In Mongolia, KT&G has held over 50 percent market share since 2023, with annual sales rising from 300 million sticks in 2011 to 2.35 billion last year. Starting in June, KT&G made inroads into India's tobacco market by signing a distribution deal with local firm Kedara Trading LLP to launch its premium cigarette lineup in major cities such as New Delhi and Mumbai. According to the company, India is expected to become a new growth engine thanks to its rapidly expanding middle class and increasing demand for premium foreign cigarettes. 'To strengthen our global business performance, we set up in-house independent units for the Asia-Pacific and Eurasia regions last year, establishing dedicated strategy and marketing teams within each to enhance direct regional operations,' said a KT&G official. Esse's popularity extends beyond Asia. In the first quarter, the United Arab Emirates was KT&G's largest export destination, with shipments more than doubling to over 3,000 metric tons. From there, products are reexported throughout the Middle East. In line with its expanding global footprint, KT&G is boosting its overseas production capacity. In April, it completed a new factory in Kazakhstan with an annual capacity of 4.5 billion sticks, and construction of a new plant in Indonesia is underway.
Korea Herald
6 hours ago
- Korea Herald
Make your stopover in Korea count
New K-Stopover program makes turning a layover into a trip easier. with curated glimpses into Korean culture, history and hospitality. Targeting international travelers with layovers of 24 to 72 hours at Incheon Airport, Korea is offering a 'K-Stopover' program to help them make the most of their time here. The specialized travel program provides curated tour packages covering accommodation, transportation, guided tours and cultural experiences. The initiative is open to those whose layovers in Korea extend between one and three days. 'There's so much to discover even in just 48 hours,' said a representative from Incheon Airport. 'Whether it's exploring Seoul's royal palaces, tasting traditional Korean street food or feeding seagulls off the Incheon coast, 'K-Stopover' offers something memorable for everyone.' The program currently offers nine package options. Explore Korean culture and food in Seoul 'Seoul Exploration: Cultural Highlights and K-Food Experience' package costs $390 per person and spans two days and one night. Participants must book in groups of at least four, with daily departures available. The itinerary includes some of Seoul's most iconic destinations such as former presidential complex Cheong Wa Dae, HiKR Ground, a K-pop and media art experience center, and a live performance known as 'The Painters,' which combines visual art and performance theater. Visitors also get to dive deep into Korean cuisine with the five included meals and picnic at Seoul Botanic Park. Explore beyond Seoul For travelers looking to explore beyond Seoul, the 'Incheon & Seoul Splendor Tour: Highlights & Beyond' package offers a mix of coastal charm and historic exploration for $425 per person. The tour begins in Incheon, where guests board a ferry at Gueup Terminal to Wolmido Island and feed seagulls while enjoying scenic views. The day continues with a walk through Wolmi Park and a guided 'Story Tour' of the city's Open Port Area, which showcases colonial-era architecture and multicultural influences dating back to 1883. Sinpo International Market, a local favorite for Korean-style fried chicken known as dakgangjeong, adds a flavorful finish to the day's schedule. The second day brings visitors to Gyeongbokgung Palace in Seoul, followed by stops at Insa-dong and Gwangjang Market, famous for its bustling food stalls and traditional wares. Both tours include accommodations at four-star hotels, ground transportation, travel insurance and an English-speaking guide. Hotel options include well-known properties such as Amanti Hotel Seoul and Shilla Stay Samsung, depending on availability and tour selection. Meals are also included, though the exact number varies based on arrival and departure times. The rates are based on double occupancy, so additional charges apply for solo travelers or those extending their stay beyond the program's time frame. Travelers interested in participating can book directly at After paying a deposit, they'll receive a confirmation voucher. Upon arrival in Korea, participants can visit the Stopover Registration Desk located in Terminal 1 (between exits 1 and 2) or Terminal 2 (near exit 3) to finalize their registration and receive further instructions. The program requires passengers to be in transit at Incheon International Airport with a stay in Korea between 24 and 72 hours. Access to a tour is subject to standard immigration clearance. Airport officials say the initiative not only enriches the travel experience but also supports local tourism in Seoul, Incheon and Gyeonggi Province. 'It's a win-win,' said the spokesperson. 'Travelers get a brief yet meaningful look at Korea, and the country gets to showcase its culture to a global audience.'
Korea Herald
6 hours ago
- Korea Herald
Women at center stage: ‘Frida,' 'Marie Curie' and ‘Wicked'
For this summer, meet complex, resilient women — real and fictional — who stand at the forefront of musical storytelling, each backed by a proven track record on stage and in the hearts of audiences. 'Frida' "Frida," presented as a talk show, tells the fierce life story of Mexican artist Frida Kahlo (1907–1954). Frida's short life of only 47 years was filled with pain. Polio left her right leg underdeveloped at six, and a bus accident at 18 led to over 30 surgeries. She married muralist Diego Rivera, 21 years her senior, but suffered a miscarriage and his affair with her sister. Premiered in 2022, the Korean musical captures Frida's physical and emotional torment through sharp ambulance sirens, vivid stage colors and powerful performances. Now in its third run, "Frida" plays from June 17 to Sept. 7 at Nol Uniplex in Daehagno, Seoul's theater district. Performed in Korean; subtitles are not available. 'Marie Curie' "Marie Curie" blends imagination with the true story of the pioneering scientist (1867–1934), who achieved groundbreaking accomplishments despite the challenges she faced as a woman and an immigrant. The musical stages an imagined encounter between Curie — who discovered radium, won the Nobel Prize, and illuminated the world — and the 'Radium Girls,' young female factory workers who suffered tragic fates painting luminous dials. Since its 2018 premiere, "Marie Curie" has proven its impact both at home and abroad, with performances in Poland, Curie's birthplace, in 2022, and a successful West End run in London last year. Its fourth season, featuring powerhouse vocalists Kim So-hyang, Park Hye-na, Kim Ryeo-won and Ock Joo-hyun, runs from July 25 to Oct. 19 at Kwanglim Arts Center in Gangnam, Seoul. Performed in Korean; subtitles are not available. 'Wicked" "Wicked" returns to Korea this week with its international tour cast performing the beloved musical in its original English, marking its first visit in 13 years since its 2012 Korean debut. It reimagines the untold story of the witches of Oz, offering a fresh perspective on the classic tale of "The Wizard of Oz." With music and lyrics by Stephen Schwartz and a book by Winnie Holzman, the musical explores the complex friendship between Elphaba, a misunderstood, green-skinned witch, and Glinda, a popular and ambitious witch. Premiered in 2003 on Broadway, "Wicked" has become one of the most successful musicals in the world, surpassing $6 billion in global ticket sales. It has been staged in 16 countries, produced in six different languages and won more than 100 international awards. For the first time, the musical will tour three Korean cities, opening at Seoul's Blue Square Theater before moving to Busan's Dream Theater in November and concluding at Daegu's Keimyung Art Center in January 2026. In Seoul, "Wicked" will run from July 12 to Oct. 26 at Blue Square in Yongsan-gu, Seoul. gypark@
