Bureau and Corporate Funded Body
The area from COEX to Jamsil Sports Complex is a center for exhibitions, conventions, and international business. Facilities in the area served as the venue for the 1988 Seoul Olympic Games, and still attract a great number of visitors. The Seoul Metropolitan Government began developing a plan and moving towards a transformation of the area in 2008, with the goal of creating a hub of international business exchange (a MICE complex integrating international affairs, exhibitions, conventions, sports, culture, and entertainment), thereby improving Seoul’s global competitiveness. The Seoul Metropolitan Government completed the master plan for the Seoul International Complex in 2016, and will now begin the development in earnest.
• Jamsil Sports Complex: Transform Jamsil Sports Complex into a MICE complex with exhibition and convention facilities, as well as improved support facilities.
• Site purchased from Korea Electric Power Corp.: Establish a Hyundai Global Business Center (GBC) in order to foster international affairs in the region.
• Underneath Yeongdong-daero: establish a large-scale underground complex that connects between the city core and areas around Seoul by building citizen amenities, integrated transportation facilities (subway and metropolitan railway stations), bus transfer centers, and city airport terminals linked to nearby COEX and Hyundai Motors GBC.
• Transform the waterside areas around the Hangang River and Tancheon Stream into places of leisure and rest, where visitors can experience cultural events and performances.
○ To prepare for periods of low-growth and create jobs now and in the future
• Seoul’s growth engine has weakened due to the aging of its population, the low birth rate, and continued job insecurity among young people.
• There is a strong need to enhance the global competitiveness of the southeastern region, one of Seoul’s three city centers.
○ To grow into a hub of international affairs by realizing the potential of the southeastern region
• Business facilities are located around Teheran-ro and Gangnam-daero with sufficient transportation infrastructure, including subways and highways.
• There are many places for leisure and culture, such as waterside areas around the Hangang River and Tancheon Stream close to the city center, as well as Jamsil Sports Complex.
○ The area from COEX to Jamsil Sports Complex has emerged as a desirable location for the “International Affairs and MICE Initiative” and a site with potential for large-scale development.
• There is a considerable strategic potential for the 120,000 ㎡ of land area (the site of Hyundai Motors GBC).
• There have been significant accessibility improvements through transportation infrastructure on the local and national level.
○ There is a need for Urban Regeneration Plans to improve the existing infrastructure in the southeastern region.
• COEX lacks exhibition and convention facilities accommodating more than 10,000 people
• Jamsil Sports Complex is increasingly dilapidated (now 30 years old) and requires maintenance costs of ten billion won every year.
○ (Set Direction) Create plans for public institution relocation sites, and the like: 2008~2011.
○ (Announce the basic plan) Establish plans, 2014. 4. Announce plans publicly: 2012~2014.
○ (Consult with agencies concerned) Prepare solutions for major issues related to the construction: 2014~2016.
○ (Form a social consensus) Hold idea contests for citizens and international contests for experts: 2014~2015.
○ (Establish a master plan) Establish a comprehensive plan for construction: 2016.04
• Demand survey of functions introduced, thorough reviews of the scale and arrangement of facilities and infrastructure.
• Set up a management plan considering the effects of development on the surrounding area, including transportation and the environment.
• Conduct pre-negotiations for large-scale public land development.
Build “International MICE Complex,” where the world meets and citizens join together.
- A hub of international business exchange, leading the future global competitiveness of Seoul
※ MICE stands for Meeting, Incentives, Convention and Exhibition. In a narrow sense, it refers to a promising industry mainly for international conventions and exhibitions, though in a broader sense it refers to a convergence industry including participant-oriented incentive travels and events.
① Foster major business facilities and leading the competitiveness of the city by strengthening exhibition/convention facilities and furthering international affairs.
• Utilize the large-scale public institution relocation sites to build an accumulation base for international affairs functions. (Hyundai Motors GBC and others)
• Expand the infrastructure for exhibition/convention linked to the area encompassing COEX, Hyundai Motors GBC, and Jamsil Sports Complex.
② Make internationally renowned tourist attractions by building open spaces around the Hangang River and Tancheon Stream.
• By moving Olympic-daero, Tancheondong-ro, and Tancheonseo-ro underground, unique destinations can be created, integrating waterside areas around the Hangang River and Tancheon Stream.
• Improve Jamsil Sports Complex support facilities, and transform it into a complex with culture and entertainment facilities.
③ Enhance accessibility by expanding the transportation infrastructure, and establish a transit-oriented transportation system
• Underneath Yeongdong-daero, introduce integrated facilities (subway and metropolitan railway stations) and establish complex transfer centers.
• Create and implement management measures for the aboveground city, in consideration of the metropolitan railway passengers.
Economic benefit of 27 trillion won annually, and creations of approximately 130,000 jobs
○ Development of public land such as Jamsil Sports Complex
• Economic benefit of 15 trillion won annually, and creation of approximately 80,000 jobs
○ Development of private land such as Hyundai Motors GBC
• Economic benefits of 265.6 trillion won over 27 years in total (2 years for approval, 5 years of construction, 20 years after completion), and creation of approximately 1,216,000 jobs
○ Mixed-use development of Yeongdong-daero underground complex
• Economic benefits of 2.5 trillion won annually, and creation of approximately 12,000 jobs