Entertainment company Metro-Goldwyn-Mayer (MGM) is to build a Hollywood-style theme park in the South Korean city of Busan.

According to officials in Busan, the 1trillion won (US$1.02bn, £584m, 845m euros) development will comprise seven separate zones including leisure facilities and accommodation.

Called MGM Studio City, the attraction will be centred around an MGM Studio theme park with other zones including a shopping venue, a Hollywood-themed hotel; an educational visitor centre – based on the motion picture industry – called Film Academy and a separate amusement park called Thrill Park.

Construction of the park is scheduled to begin in 2007 with completion due in 2011.

It is the second major theme park project announced by a US company in Korea this year.

In January, California-based Leisure Entertainment Consultancy announced it intends to create a theme park in the city of Jeju comprising three distinct zones located around a central core promenade.

Image: MGM already operates an MGM Studios theme park in Florida