Korean investment firm GG56 Korea Ltd will invest US$1 billion (RM4.37 billion) in Forest City to develop Malaysia’s first Korean Culture Town.

This follows the signing of a memorandum of agreement (MOA) with Forest City’s master developer Country Garden Pacificview Sdn Bhd (CGPV) to develop the project, which will include K-content production studios, an international cultural district and a world-class residential development.

CGPV executive director Md Othman Yusof said the MOA marked...