Universal Studios has signed a deal with its South Korean partners to build the largest theme park in Asia in a project worth 2.67 billion dollars on Tuesday.

Universal Parks and Resorts signed the agreement with 14 South Korean partners to develop the theme park at Hwaseong, by 2014. The South Korean partners include a subsidiary of steel giant POSCO and Lotte Group among others.

The deal was announced in 2007 and the park was believed to open in 2012 but the project was delayed due to the problems in raising capital for the project.

The park will be constructed about 40 kilometers southwest of Seoul and is expected to create more than 40,000 jobs. It will include a water park, theme hotel, apartments, a golf course and other facilities.

The project will be larger than the other four universal projects which include theme parks in Hollywood, Orlando in Florida and Japan and an under construction park on Singapore's Sentosa Island.

The project aims to attract up to 15 million visitors every year, according to the project consultant. Nearly half of the country's population lives within an hour's drive from the site.

Lotte Asset Development will hold a 26.7 percent stake in the firm with POSCO E and C holding 24.4 percent. The construction on the project site will begin early next year. The project is also expected to boost the tourism for the country as the developers plan to attract the tourists from nearby China and other countries.

Thomas Williams, the chairman and CEO of the Universal Parks and Resorts expects the project to be a major attraction for domestic as well as international tourists. He also indicated that Steven Spielberg is expected to take part in the project as he is a creative consultant to Universal Parks and Resorts.