South Korea’s finance minister recently announced that the government will support the construction of a new amusement site in the country, which will be the second largest theme park in Asia.

Shinsegae, the south Korean retailer, is to build the $3.8 billion theme park in Hwaseong, approximately 45km southwest of Seoul.

Construction of the park is due to begin in 2021, with an initial opening scheduled for 2026 and a full opening in 2031.

The 4.2 sq. km site will feature five hotels, an 18-hole golf course, as well as three shopping malls.

During a ceremony that took place at the site the theme park is being built on, Hong Nam-ki, South Korea’s finance minister, said the project could employ around 15,000 people. Attracting both local and foreign tourists, Hong added that the theme park would give the country’s economy a huge boost, potentially generating around 70.6 trillion won for the economy.

Shinsegae Property, a real estate unit of Shinsegae, has a 90% stake in the theme park project. The remaining 10% is held by Shinsegae Engineering & Construction.

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