This aerial depiction of “Dream Island” shows the Ministry of Oceans and Fisheries’ 2 trillion won project to build a multipurpose commercial complex in Yeongjongdo, Incheon, by 2020. The ministry announced on Wednesday its official development plan which it expects to create 18,000 jobs and an economic ripple effect worth 27 trillion won.

Yeongjongdo, widely considered the gateway to Asia given its location in Incheon, is expected to become a leading tourist attraction once the government completes a 2 trillion won ($1.8 billion) project aimed at building a tourism hub in the area.

Called “Dream Island,” the facility will be financed mainly by overseas Koreans.

The Ministry of Oceans and Fisheries said during a meeting of economic ministers on Wednesday that by 2020, Dream Island will house various entertainment and tourist facilities including theme parks, aquariums, shopping malls and golf courses.

“We hope for this project to become a successful area that contributes to the community’s economy and helps create more jobs,” said Finance Minister Hyun Oh-seok.

The area that Dream Island would be built on measures about 3.16 million square meters, which is about double the size of Yeouido in Seoul.

The ministry expects the economic benefits to reach up to 27 trillion won that would include 18,000 new jobs.

Most of the 2 trillion won investment will come from the private sector, while the government will chip in with about 96.4 billion won to cover mostly infrastructure costs.

The main operator for the project will be a special purpose company that was selected in November.

The company will be mostly financed with funds from overseas Koreans, including Han Chang-woo, a Korean-Japanese businessman whose company Maruhan holds a 61.5 percent in the firm.

The Fisheries Ministry hopes to sign the contract with the SPC within the first half of the year. Talks are said to begin this month.

By Seo Ji-yeon (jyseo@heraldcorp.com)