| MUMBAI:
Paramount Licensing Inc (PLI) and Daewoo Motor Sales Corporation (DWMS) have announced
that they have reached an agreement to explore the development of
a Paramount
Pictures-based theme park in South Korea. The
proposed theme park, which will be located on a DWMS-owned site, would be located
in Incheon, a one-hour drive from Seoul and feature characters, attractions and
facilities based on Paramount's motion picture library. Under
the terms of the agreement, DWMS will be responsible for raising the funding for
the eventual development and construction of the project. In the event, that PLI
enters into a licensing agreement, it will provide access to Paramount's intellectual
property library. PLI will not be an investor in the project or fund the development
orconstruction of the project. Paramount
Licensing executive VP Michael Bartok says, "We are thrilled to be involved
in the development of South Korea's first international movie studio theme park.
This new development will significantly add to South Korea's already growing tourism
sector and complement all of the world-class developments in the rapidly growing
Incheon region. "We
have long been interested in this exciting market and look forward to working
with our partners on this amazing project."
DWMS
president and CEO Dongho Lee says, "The Paramount theme park is a key priority
not only for Daewoo Motor Sales but also for the city of Incheon. The park has
the potential to become a true catalyst for regional development and we at Daewoo
Motor Sales are proud to be spearheading this landmark project together with Paramount."
A feasibility
study conducted by Economics Research Associates calls for the $800 million theme
park to entertain over five million guests annually. In addition to the theme
park, the master plan for the 120-acre resort complex specifies an on-site five-star
hotel complete with a luxury spa and world-class amenities. In
addition, the plans call for premium shopping and dining as well as an entertainment
complex featuring top-tier retailers. Future phases of development will likely
include a water park component. | 
