Krustyland, one of the attactions at Universal Studios Hollywood in Los Angeles, California. (Photo by JONATHAN HICAP)

Tourist arrivals in South Korea are projected to further increase with the opening of the Universal Studios Korea Resort in 2014.

Universal Parks and Resorts, which operates the chain of Universal Studios theme parks in the U.S. and Japan, signed an agreement on Jan. 19 to build the $2.67-billion theme park in Hwaseong, Gyeonggi province in South Korea together with 14 Korean companies.

Among those who signed the agreement were Gyeonggi Governor Moon-Soo Kim, Universal Parks & Resorts chairman and CEO Thomas Williams, Lotte Group vice chairman Dong-Bin Shin, and POSCO E&C president Dong-Hwa Chung.

The construction of the theme park will begin early 2011, according to Yoo-Myun Song, Gyeonggi Province Theme Park Division director.

Originally planned to open in 2012, construction was delayed due to the global financial crisis.

The Universal Studios Korea Resort will be built in Songsan Green City in Hwaseong. A new subway line to the resort will be built to provide convenience to park visitors.

When completed, the Universal Studios Korea Resort will have a hotel, shopping centers, a water park, apartments, and other facilities.

Developers are projecting that it will become the largest theme park in Asia covering about 4.3 square kilometers.

Lotte Asset Development and POSCO E&C will be the largest shareholder of the consortium with shares of 26.7 percent and 24.4 percent, respectively.

Minister In-Chon Yu of Korea’s Ministry of Culture, Sports and Tourism said the theme park will not only help develop Korea’s tourism industry, but boost employment, too, by generating 40,000 jobs. About 15 million visitors are projected to go to the theme park yearly.

Universal Parks and Resorts chairman and CEO Williams said that Hollywood director Steven Spielberg, who is a UPR consultant, is expected to participate in the USKR project.

Universal Studios theme parks are located in Hollywood in Los Angeles; Orlando, Florida; and in Japan. Another theme park in Singapore is being constructed.