Paju seeks to attract investment for automotive theme park

Park Sae-jin Reporter() | Posted : December 6, 2012, 13:07 | Updated : December 6, 2012, 13:07
Paju City in Gyeonggi Province said Dec. 4 that it will establish a special-purpose company (SPC) to carry out a project to build the "Paju Fantasia City.”

The city invites South Korean and foreign investment firms, construction companies and financial firms to join the SPC, city officials said.

According to them, Paju Mayor Lee In-Jae is visiting Canada and the United States, where Ferrari brand enjoys high popularity, to attract investment for the project.

The city signed a pact with Ferrari, an Italian sports car maker, in November last year to benchmark the “Ferrari World,” an indoor automotive theme park which opened in Abu Dhabi, the United Arab Emirates, in November 2010.

The SPC plans to raise 50 billion won for the Paju project, an official said, adding that the city has set a goal of collecting 20 billion won from companies in Middle East countries.

The fantasia town will be built on 3.72 million square meters of land near Paju station on the Gyeongui Railway at a total cost of roughly 1.6 trillion won, officials said. Completion is slated for 2017.

The new town will house an automotive theme park, smart city and facilities for distribution of agricultural products, they said.
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