The news follows the company’s commitments to develop in Singapore and Dubai also.

"Korea has grown into an attractive market in many necessary and critical aspects for a theme park and resort development in terms of income, population, consumer interest and growth of the entertainment industry," chairman and chief executive Thomas Williams told a Seoul news conference.

The new park is planned for a 2012 opening, though a location has not yet been decided.

It is believed the venture will be bigger than either the Hollywood or Japanese sites.