Seoul - South Korean automotive group Daewoo announced plans Tuesday to build a film theme park in South Korea together with US film company Paramount Pictures at a cost of 1.5 billion dollars.

Daewoo's car dealership unit, Daewoo Motor Sales, would enter into a joint venture with the East Gate Entertainment LLC company to finance and operate the park, to be built by the year 2011.

Paramount subsidiary Paramount Licensing would serve as the licensee in the project and be responsible for the "creative development" of the project, but would be neither a partner in the joint venture nor an investor, Daewoo said.

The film theme park is to be built at the coastal city of Inchon, west of Seoul, with the two companies projecting more than 5 million visitors per year. The facility would also include hotels, water recreation park and department stores.

In the year 2014, the Asian Games are scheduled to be held in Inchon. (dpa)