Gyeongbuk Culture and Tourism Corporation to Invest 500 Billion Won and Create 600 Jobs by 2030

Signing of Public-Private Investment Agreement

On September 15 at 2:00 p.m., the Gyeongbuk Culture and Tourism Corporation (President Kim Namil) signed a public-private investment win-win business agreement for "POST-APEC Bomun 2030" at the main conference hall on the first floor of its headquarters. Representatives participating in the Bomun Tourism Complex private investment environment improvement project attended the ceremony. The corporation plans to attract a total investment of 500 billion won and create approximately 600 jobs by 2030.

Gyeongbuk Culture and Tourism Corporation anticipated the revision of the Tourism Promotion Act last year and, on April 23 of this year, became the first in the nation to proactively apply the newly established "Complex Facility District" system, introduced in the revised enforcement rules of the Tourism Promotion Act. This innovation allows for the installation of various facilities-such as accommodations, commercial spaces, and recreation and entertainment venues-within a single district, thereby driving regulatory reform and advancing the "Bomun Tourism Complex Private Investment Environment Improvement Project." This change to the facility district marks the first such attempt in the 50-year history of the Bomun Tourism Complex and represents a significant turning point.

Gyeongbuk Culture and Tourism Corporation is holding a public-private investment win-win agreement ceremony.

For the recruitment of participating companies, 11 companies were selected for a total of 10 sites. The evaluation process involved experts from the local chamber of commerce and various fields such as tourism, architecture, urban planning, landscaping, law, and accounting, thereby enhancing objectivity and expertise.

This project is not merely about attracting investment but is being promoted as a "mutually communicative investment model." Since the second half of last year, the corporation has actively gathered feedback by conducting surveys and on-site visits to 114 tenant companies. Based on this, it has systematized step-by-step procedures, including establishing investment guidelines, holding briefing sessions for tenant companies, receiving and evaluating business plans, and revising development plans.

In addition, over a year of meticulous preparation and consultation-including field surveys, meetings, and briefing sessions-helped build a foundation of trust. In this process, financial support and administrative backing from North Gyeongsang Province, as well as active cooperation from Gyeongju City, played a significant role. The Culture and Environment Committee of the North Gyeongsang Provincial Council also made substantial contributions through its ongoing interest and advice.

After the change in the development plan, the corporation will strictly manage the project, requiring construction to begin within two years and be completed within five years. In cases of non-compliance, strong sanctions such as termination of the agreement, restoration to original state, and forfeiture of performance bonds will ensure actual investment is secured.

The investing companies will gradually develop large-scale mixed-use facilities such as integrated resorts and tourism-oriented distilleries. Their public contribution activities will include providing scholarships, hiring local talent, training specialized personnel, and implementing citizen discount programs, thereby fostering co-prosperity with the local community.

The Bomun Tourism Complex, launched in 1975 as Korea's first tourism complex, was once a premier tourist destination in the country. However, due to a lack of private investment and changing times, it faced a crisis of stagnation and urban decline. This agreement is significant as it marks "the first step toward regulatory reform in 50 years," and it is expected to lead to more concrete results through close cooperation with North Gyeongsang Province and Gyeongju City in the future.

President Kim Namil stated, "The Bomun Tourism Complex has entered an era where it must compete with other leading global tourist destinations. Amid the crisis of local extinction, attracting private investment is no longer a choice but a matter of survival. We must inherit the determination and passion that built Bomun 50 years ago and, leveraging 'APEC 2025 Gyeongju,' open a new future. This is our generational mission."

Mayor Kim added, "The government is working to revitalize private investment by relaxing regulations-even lifting greenbelt restrictions-and we will use APEC as an opportunity to open a new era for Bomun, moving beyond tourism centered on the capital area."

The corporation, in cooperation with North Gyeongsang Province and Gyeongju City, aims to swiftly complete the development plan change procedures, begin construction sequentially from 2026, and achieve phased completion and opening by 2030. Furthermore, it will regularly monitor investment execution rates, fulfillment of public contributions, and employment outcomes to establish a sustainable win-win model even after APEC.