Goyang City Attracts Global Entertainment Company US 'AEG'... First Achievement as a Special City

Goyang City, AEG, and CJ LiveCity Sign Business Agreement for 'K-Culture Cluster Development and Foreign Investment Attraction'
AEG-CJ LiveCity Joint Venture Establishes Korea Office in Goyang

Shinhyungwan, CEO of CJ Live City, Lee Donghwan, Mayor of Goyang Special City (center), and Michael Fitzmorris, Vice President of AEG Asia, signed a "MOU for the Creation of K-Culture Cluster and Activation of Foreign Investment Attraction" on the 30th of last month at the Umeda Sky Building in Osaka, Japan. [Goyang City]

[Asia Economy Reporter Youngchul Ra] Goyang City in Gyeonggi Province has attracted the first global company as a "special city No. 1."

On the 30th of last month, the city signed a tripartite Memorandum of Understanding (MOU) in Osaka, Japan, with AEG and CJ LiveCity for the "Creation of a K-Culture Cluster and Activation of Foreign Investment Attraction."

AEG and CJ LiveCity agreed to cooperate with the city in building the "K-Culture Cluster," one of the five major strategies for promoting the Goyang Free Economic Zone.

The Korean office of the AEG-CJ LiveCity joint venture (JV) will also be established in Goyang.

AEG, the world's number one global entertainment company, plans to attract world-class artist performances to the "CJ LiveCity Arena."

AEG Group, which will jointly operate the CJ LiveCity Arena, is the world's leading sports and entertainment company headquartered in Los Angeles, USA.

It owns more than 300 major arenas, stadiums, convention centers, and sponsorship networks worldwide, including the Crypto.com Arena (USA), home of the NBA's prestigious LA Lakers, and the O2 Arena (UK).

CJ LiveCity is a "K-content experiential complex" being developed on approximately 326,400㎡ (about 100,000 pyeong) of land in Janghang-dong, Ilsandong-gu.

It will include content experience facilities covering K-pop, movies, dramas, and entertainment, a "K-Lifestyle Anchor Complex" comprising business, lodging, and tourism facilities, commercial facilities, and eco-friendly waterfront spaces.

The "CJ LiveCity Arena," Korea's first arena and the world's first K-pop specialized performance hall, began construction in October last year and is scheduled to open in 2024.

CJ LiveCity plans to establish a foundation for attracting domestic and foreign companies to Goyang City, starting with the AEG joint venture (JV) Korean office.

CJ Live City Entire Complex Bird's-eye View [Goyang-si]

A "K-Lifestyle Anchor Complex" with a working environment and support infrastructure will be developed within the CJ LiveCity complex.

Tourism facilities, including specialized lodging tailored to the needs of domestic and international tourists and an open observatory, will also be included.

The city will provide administrative support to realize the "K-Lifestyle Anchor Complex," a core part of the industrial ecosystem that CJ LiveCity will build.

Mayor Donghwan Lee of Goyang City discussed support and cooperation plans for revitalizing the local tourism and cultural content industry with Michael Fitzmaurice, Vice President of AEG Asia, and Hyungkwan Shin, CEO of CJ LiveCity.

Additionally, to foster Goyang City's MICE (Meetings, Incentives, Conferences, and Exhibitions) stay-type tourism industry, they inspected the "2022 MAMA AWARDS," a K-pop awards ceremony, and the Osaka Kyocera Dome, expressing high expectations for the CJ LiveCity Arena, which will become the "holy ground of K-pop."

The signing ceremony was attended by Mayor Donghwan Lee, Chairman Youngsik Kim of the City Council, Michael Fitzmaurice, Vice President of AEG Asia, Hideki Takai, Head of the Japan branch, Hyungkwan Shin, CEO of CJ LiveCity, and Youngkwon Jung, Business Development Division Management Leader.

Mayor Lee said, "Goyang City will actively cooperate with administrative support for the successful establishment of CJ LiveCity," adding, "We expect that the establishment of Korea's first K-Culture platform hub will revitalize the culture, tourism, and content industries and propel the city to become a global self-sufficient city."