European-Style Spa and Resort Development in Incheon... Incheon City and Terme Group Sign Letter of Intent

Incheon Free Economic Zone Authority Holds Investment Promotion Briefing in Germany

Incheon Mayor Yoo Jeong-bok (center) is signing a letter of intent for mutual cooperation with Terme Group. [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Therme Group, headquartered in Austria, is planning to develop a European-style healing spa and resort in the Incheon Free Economic Zone.

On the 17th (local time), Incheon City and the Incheon Free Economic Zone Authority held an investment attraction briefing in Frankfurt, Germany, and signed a letter of mutual cooperation with Therme Group regarding this plan.

Therme Group plans to submit a foreign direct investment (FDI) application worth $200 million within this year and begin full-scale preparations for the project. The Incheon Free Economic Zone Authority will cooperate in finding sites for the construction and operation of Therme Group’s facilities and provide administrative support.

Currently, Therme Group operates healing spas and well-being resorts in four locations including Romania and Germany. The Therme Bucharest branch, opened in Romania in 2016, has established itself as Europe’s largest healing and relaxation destination, attracting 1.2 million visitors annually.

Therme resorts are characterized by indoor dome-shaped spa spaces that can operate year-round, designed as nature-friendly leisure spaces linked with botanical gardens. In fact, the Bucharest branch in Romania has received the highest level, Platinum certification, under the international green building certification system LEED.

The Incheon Free Economic Zone Authority analyzed that Therme Group’s consideration of Incheon Free Economic Zone as an investment destination was based on factors such as Incheon being a Northeast Asian tourism hub equipped with an international airport and cruise terminal.

Incheon Mayor Yoo Jeong-bok is delivering a greeting at an investment attraction briefing held in Frankfurt, Germany on the 17th (local time). [Provided by Incheon City]

Meanwhile, more than 40 people, including CEOs of 25 European companies, attended the briefing, and two companies besides Therme Group signed letters of mutual cooperation.

Pfungstadter, a German traditional craft beer producer since 1831, is planning to invest in and install a craft beer brewery in the European Korean Cultural Town being developed in the Incheon Free Economic Zone.

Additionally, ioTAL GmbH, a venture company developing aviation logistics systems, agreed to explore collaboration plans with aviation-related companies in Incheon.

Yoo Jeong-bok, Mayor of Incheon, who attended the briefing, said, "Collaboration with European companies in IT and cultural sectors, including Therme Group’s healing spa resort which has a high customer attraction effect, will greatly help expand tourism in Incheon, revitalize the local economy, and promote startup development."

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