MUMBAI: Paramount Licensing Inc and Daewoo Motor Sales Corporation have signed a deal to explore the development of a Paramount Pictures-based theme park in South Korea.

The proposed theme park, to be located on a DWMS-owned site in Incheon, an one-hour drive from Seoul, would feature characters, attractions, and facilities based on Paramount’s rich motion picture library.

DWMS will be responsible for raising the funding for the eventual development and construction of the project. In the event that PLI enters into a licensing agreement, it will provide access to Paramount’s intellectual property library. PLI will not be an investor in the project or fund the development or construction of the project.

A feasibility study conducted by Economics Research Associates calls for the $800 million theme park to entertain over five million guests annually. In addition to the theme park, the master plan for the 120-acre resort complex specifies an on-site five-star hotel complete with a luxury spa and world-class amenities. The plans also include shopping and dining areas as well as an entertainment complex featuring top-tier retailers. Future phases of development will likely include a water park component.