US Consortiums to Invest Billions in Korea

SEOUL-The ruling Uri Party and the Ministry of Finance and Economy announced over the weekend that two US consortiums will visit Korea in the coming days to sign memorandums of understanding with the Korean Government for multi-billion-dollar investments in the country.The first consortium, consisting of executives of US real estate and hotel corporations–HRH Construction, Trump Hotels and Casino Resorts and Marriott International—is expected to sign an MOU with the local and central Korean governments this week for a $3-billion investment in the Jeonnam region on Sept. 17, according to the MOFE. A second investment mission–including executives of MGM Mirage, Universal Parks & Resorts, Busch Entertainment Corp. and Starwood Hotels & Resorts–will come to Korea in October to discuss making investments in Gwangju, Yeosu, Muan and Busan, according to comments made by Uri Party lawmaker Yeom Dong-yeon. Investment capital could amount to more than $10 billion depending on the level of government support, he said.The delegations are interested in the construction of theme parks, hotels, golf courses and casinos in Yeongjongdo and Cheongla in the Incheon FEZ, and Hwayang in the Gwangyang FEZ, the MOFE said. It will make a field trip to the regions and sign MOUs worth $3 billion with local and central governments. The first consortium will be headed by former US Sen. Alphonse D’Amato (New York) and include Donald Trump Jr., HRH chairman Gregory Cuneo and president Brad Singer and a top executive of Marriott International. The executives involved in the second consortium were not immediately available Monday afternoon.Negotiations on investments in the so-called “J project,” in which the South Cholla Provincial government promotes the building of 30 golf courses at a resort complex in Haenam, Jeonnam are under way, the MOFE said. The government reportedly plans to give a tax break to the investors and simplify the investment approval process.