The government has announced that it will build a new tourism and leisure complex on Yeongjong Island near the western port city of Incheon by 2020. It is just 10 minutes from Incheon International Airport.
With an area of over 3 million sq.m, the complex will accommodate luxury hotels, shopping malls, theme parks and golf courses, and is expected to draw millions of tourists each year.
The project is part of the government's three-year plan to boost domestic demand and raise the employment rate.
The project, which is expected to cost about US$2.2 billion, will be spearheaded by World Hansang Dream Island, a Korean and Japanese consortium, which will invest roughly $715 million.