Jeonju City, Exhibition Convention Center and Hotel Construction 'Smooth Sailing'

Request for Central Investment Review of Local Finance by the Ministry of the Interior and Safety by the End of This Month

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonju City announced on the 15th that it plans to apply for the Central Investment Review of Local Finance by the Ministry of the Interior and Safety by the end of this month, as soon as the feasibility study service for the exhibition convention center and hotel construction project, commissioned to the Korea Institute of Local Administration, an affiliate of the Ministry of the Interior and Safety, is completed.

The 'Central Investment Review System for Local Finance' is a system to decide whether to proceed with new regional investment projects.

In June, Jeonju City entrusted the Korea Institute of Local Administration with a feasibility study service to comprehensively review whether building an exhibition convention center and hotel at the comprehensive stadium is △ suitable for the convenience and demand of citizens △ appropriate as a local finance investment project △ and feasible in terms of funding procurement.

The city plans to soon receive the service results from the Korea Institute of Local Administration and request the Central Investment Review of Local Finance from the Ministry of the Interior and Safety.

In particular, during this process, the city intends to actively emphasize the policy feasibility, such as the necessity of the project, benefits, and willingness to proceed.

The results of the Central Investment Review of Local Finance by the Ministry of the Interior and Safety are expected to be notified in March next year.

If the central investment review passes and the Jeonju City Council approves the shared property management plan, the city plans to sign a new agreement with the private business operator, Lotte Shopping.

Afterward, the city plans to complete the exhibition convention center and hotel by 2025 by going through various administrative procedures such as permits, basic and detailed designs.

The exhibition convention center will be promoted by having a private business operator procure 170.5 billion KRW in project costs for a 5,000㎡ exhibition hall, a large conference room accommodating 2,000 people, 10 small to medium-sized conference rooms, and a hotel with 200 rooms.

Jeonju City expects that the establishment of an exhibition convention center and hotel equipped with an exhibition hall and large conference rooms at the comprehensive stadium will strengthen the poor MICE industry infrastructure in the region.

The MICE industry is a new industry combining Meeting, Incentives, Convention, and Events & Exhibition.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

This content was produced with the assistance of AI translation services.