The government says it will sell most of the Yeosu Expo facilities to the private sector and establish a nonprofit foundation this year to oversee their post-development and management.

The decision was finalized during a Yeosu Expo government support committee meeting on Wednesday chaired by Prime Minister Kim Hwang-sik. The government seeks to develop the facilities and the surrounding area into a world-class tourist resort, now that the expo has been closed for nearly a month.

According to a plan laid out by the Land, Transport and Maritime Affairs Ministry, the expo venue will be developed mainly by the private sector and the area will be designated as a special maritime district. Companies taking part in the development project will be granted a range of incentives including tax breaks, exemptions of various charges and favorable terms on sales of facilities.

Sites and facilities, excluding those for public use, such as the Korean Pavilion and the Expo Hall, will be sold off to private firms within two years. If a package sell-off is not feasible, the sites will be divided and sold in smaller sections. The expo site will be divided into three sections for step-by-step development through the year 2021.