The Convention and Exhibition Center (COEX) area located in the heart of southern Seoul’s business district in Gangnam will become an ultra-modern and flashy destination next year as it will light up with large-scale electronic billboards that remind of New York’s most popular attraction Times Square.

South Korea’s Ministry of the Interior said on Thursday that it has chosen the COEX area as a free zone to install outdoor advertising signboards. With the designation, a joint public-private committee consisting of officials from Gangnam district office and Korea International Trade Association will transform the COEX area into a major landmark in Seoul by allowing it to become the country’s largest-ever media square with outdoor electronic screens and billboards where visitors are able to experience hallyu, or Korean Wave contents. As part of the first stage of development, the committee will install large-scale light-emitting diode (LED) billboards outside COEX Mall, Hyundai Department Store, and InterContinental Seoul hotel and display advertisements for 18 hours a day from 6 a.m. to midnight.

Gangnam district office had announced earlier after passing the first round of government evaluation in September that it will transform the COEX area into a Korean Wave theme park by installing two large-scale outdoor LED billboards (each 23 meters long and 60 meters wide) at SM Town at COEX Artium by January next year. Also, the office had shared plans to set up a signboard (23 meters long and wide) that applies hologram and augmented reality technology.

Meanwhile, the public-private committee plans to hold various events near COEX Mall including a New Year’s countdown and an international media façade festival and hold an open contest to win more ideas from the public. The committee plans to transform the COEX area by promoting three-stage projects for 10 years. It expects the projects to generate many economic ripple effects, sparking 235.2 billion won ($200.6 million) worth of production and 83.5 billion won worth of added value.

By Kim Gi-jung and Choi Hee-seok

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]