Latest news with #KITWorld
Korea Herald
2 days ago
- Business
- Korea Herald
Yeongjong Island 5D theme park project eyes W20tr economic boost
Backed by an estimated 16 trillion won ($12.6 billion) in foreign investment, the development of a next-generation '5D theme park' on Yeongjong Island is projected to generate over 20 trillion won in total economic impact through construction and operations, according to KIT World, the Korea-based project developer. KIT World's strategic planning team released projections based on a two-month artificial intelligence-driven study assessing the project's economic, employment and shared value impact across five key areas: job creation, environmental sustainability, education and technology, culture and aging society response. According to the report, the project is expected to create over 100,000 jobs, including 20,000 direct hires and 80,000 indirect positions through regional partnerships. It will also provide 10,000 youth internship opportunities and prioritize contracts with more than 50 social enterprises. Environmental initiatives include a 500 billion won investment in eco-friendly infrastructure such as carbon reduction systems and solar power facilities, which are projected to reduce 30,000 tons of carbon emissions annually. In education and technology, the park is expected to attract 1 million annual visitors to its extended reality, virtual reality and metaverse learning zones, while running 300 regional training programs, nurturing 2,000 creators and operating a 50 billion startup fund. In terms of cultural benefits, the park will host year-round 20,000-seat arena events, offer free access for 10,000 underserved individuals and draw between 8 and 10 million tourists annually. To address Korea's aging demographics, KIT World plans to welcome 1 million senior visitors annually, establish four senior centers and employ over 1,500 silver-specialized staff. Overall, the project expects to attract more than 20 million domestic and international visitors annually, solidifying its position as a cultural and economic landmark. 'Following recent investment announcements, interest in the KIT World project has surged. We are now preparing to meet with US investors and hold a press conference in Korea,' said a KIT World spokesperson.
Korea Herald
09-07-2025
- Business
- Korea Herald
Yeongjong Island to become home to W16tr theme park
A mega-sized theme park is set to rise on Yeongjong Island, home to South Korea's Incheon Airport, which is poised to become one of the largest and most advanced theme parks in the world. 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.'
