The project to develop the Jamsil Sports and MICE complex and the initiative to create tourism and cultural facilities at Cheongju Myeongam Resort have passed the private investment project review.
The Ministry of Economy and Finance announced on July 16 that it held the 4th Private Investment Project Review Committee of 2026, where it approved two items: the Jamsil Sports and MICE complex project and the public-private investment project for Cheongju Myeongam Resort.
The Jamsil Sports and MICE complex project will be developed on a 358,000 square meter site around the Jamsil Sports Complex in Seoul, featuring a dome baseball stadium, exhibition and convention facilities, as well as accommodations, commercial, and office spaces.
The total project cost is estimated at 2.6955 trillion won. The project will be implemented under a Build-Transfer-Operate (BTO) model, where the private sector will construct the facilities, transfer ownership to the government or local authorities, and operate them for a set period to recoup their investment.
The construction period is set for 62 months, with an operational period of 40 years. All project costs will be borne by the private sector, and a portion of the revenue from recovery funds and excess profits will be reinvested into the Seoul city fund for balanced development.
The government anticipates that transforming the aging Jamsil Sports Complex into a sports and cultural complex will stimulate the exhibition and convention industry, create jobs, and enhance the national brand, leading to significant economic impacts.
The Cheongju Myeongam Resort project has been recognized as a private investment target for the development of a complex tourism and cultural facility within the resort area through this review. Facilities not specified in the basic private investment plan were included as investment targets after a separate review.
Cheongju City plans to develop a 64,000 square meter area around Myeongam Reservoir, featuring a Ferris wheel, performance hall, exhibition center, musical fountain, and robot experience center. The estimated project cost is around 17 billion won, with a goal of 24 months for construction and 20 years for operation under the BTO model.
The plan aims to transform Myeongam Resort, which has primarily been a daytime destination, into a tourism hub that encourages overnight stays and strengthens the local tourism and cultural infrastructure by linking it with nearby attractions.
The Ministry of Economy and Finance plans to expedite the progress of private investment projects by aiming to complete eligibility assessments within nine months in consultation with relevant ministries and expert organizations. The target completion time for railway projects is set at one year, while environmental projects aim for seven months.
Funding support will also be expanded. A special infrastructure fund, co-invested by the Industrial Base Credit Guarantee Fund and the Korea Development Bank, will provide 200 billion won for BTO projects and 100 billion won for lease-type private investment projects (BTL). The guarantee amount from the Industrial Base Credit Guarantee Fund is planned to increase from 2.3 trillion won in 2023 to 3 trillion won this year.
* This article has been translated by AI.
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