Bird’s eye view of the Kyeong Island near Yeosu Bay which is to be developed as a tourism complex under the Kyeongo Marine Tourism Complex Development Plan. (Photos: GFEZA)

Commissioner Kim Kap-sup of the Gwangyang Bay Area Free Economic Zone Authority.

The Gwangyang Free Economic Zone said its proposed revision of the Kyeongdo Marine Tourism Complex Development Project has passed the deliberation by the Free Economic Zone Committee of the Ministry of Trade, Industry and Energy on Aug. 27.

The revision deals with the construction of the roads and a suspension bridged leading into the tourism complex in which the Mirae Asset-led consortium is slated to invest 1.5 trillion won to build and the approval of the GFEZ’s support for the construction of the entry roads, the suspension bridge, and other facilities including a six-star hotel inside the complex.

The approval of the revised plan means that the problems related to the use of the government funds to build the entry roads and suspension bridge has been solved, providing a big turning point for not only the tourism complex but also for spurring the tourism in the Yeosu area and the eastern region of South Jeolla Province.

The suspension bridge connected to the tourism complex will be 1.52 km long, 13.8 meters wide and arch and cable stayed bridge 860 meters long. The cost of the construction for the suspension bridge is estimated at 115.4 billion won, which will be 40-percent financed with government funds, 40 percent by local government funds and 20 percent picked up by the consortium led Mirae Asset.

The GFEZ Authority will submit the application for the funding appropriation investigation to the Ministry of Trade, Industry and Resources next month. If the application is accepted and selected as the subject for investigation, the result of the investigation will be known correctly in the second half of next year.

The consortium led by Mirae Asset has decided to invest 1.5 trillion won to develop Kyeongdo as the tourism complex known globally with top leisure facilities whose master blue print is being drawn up by a global consulting service agency including a six-star hotel, vehicles to tour the complex, man-made beaches and marina, among the facilities to be built inside the complex.

Commissioner Kim Gap-seob of the GFEZ Authority said the passage of the reform plan at the deliberation committee means the Kyeongdo Marine Tourism Complex Development will be more dynamic, “and we shall do our best to make the tourism complex to be a landmark for cultural tourism in the entire province by providing the best support available to us.”

South Jeolla Province is a great area for tourism and leisure, with the Southwest Coast Tourism & Leisure City being built as a comprehensive tourism leisure city complete with leisure, sports, housing and educational facilities.

Also in development is the Gwangju & Jeollanam-do Joint Innovation City. Both cities are expected to have rich and promising investment sectors. Offering various tax benefits and incentives for foreign direct investment, South Jeolla Province is ready to support investor companies with diverse administrative services.

Located at the tip of the Korean peninsula, South Jeolla Province is a region rich in just about everything — cultural and maritime resources, industrial complexes, research and development (R&D) centers and more. With optimal environmental conditions and a well-preserved natural environment, South Jeolla Province is considered a top Korean supplier of the best eco-friendly agro-fishery products.

It is ranked first in Korea for the production of eco-friendly agricultural products and first in the country for marine products originating from clean seawater. It is Korea’s top supplier of eco-friendly livestock products and solar salt of exceptional quality as well.

The province also boasts a sophisticated and extensive logistical and industrial infrastructure befitting its status as the heart of the new Northeast Asia. With three airports, three railways, two seaports and seven expressway routes, getting around in and from the province is convenient.