South Korea on Friday said it has started the construction of a "hallyu" park in line with its move to establish sustainable attractions to lure Asian tourists.

K-Culture Valley, a cluster of various cultural facilities to be located in Goyang, Gyeonggi Province, aims to promote the hallyu wave, which refers to the boom of South Korea-made entertainment goods around the globe, including pop music, movies and TV dramas.

President Park Geun-hye also attended the groundbreaking ceremony for the zone, which is slated to be completed in 2017.

The government said the K-Culture Valley will especially target overseas visitors, adding they can experience the past, current and future of Korean culture at the venue.

The project reflects the government's efforts to tap the cultural industry as a new growth engine, the presidential Cheong Wa Dae said.

The presidential office said it expects the project to generate

56,000 jobs over the next five years and create an economic effect of 8.7 trillion won ($7.32 million). The valley will attract 5 million tourists every year, it added.

Local conglomerates, including the entertainment giant CJ Group, will be in charge of establishing infrastructure and operations, while small and medium-sized firms will provide needed content.

The project also is in line with the country's creative economy policy goal set forth by the president, which aims to find new sources of growth by merging various industrial segments. (Yonhap)