KOREAN Government and business officials are expected to visit the Gold Coast this month to further negotiate a proposed $73 million TAFE accommodation facility.

The consortium will establish a Korean accommodation company to develop and operate a facility with up to 600 rooms, on a site adjoining the Gold Coast Institute of TAFE Ridgeway campus.

The project is expected to provide 300 jobs and inject around $3 million into the local economy each year once complete.

The visit follows high-level trade talks last month between Premier Peter Beattie and South Korea's Minister of Commerce, Industry and Energy, Young Ju Kim.

"The proposal looks promising and the State Government has approved the Department of Infrastructure, the Department of Treasury and the Department of Education, Training and the Arts entering commercial negotiations with the Korean Consortium," says Mr Beattie.

"The project would make a significant injection into the local Gold Coast economy each year. Industry estimates suggest every extra 1000 students we can attract to our Smart State create another 80 jobs."

The four companies involved in the project are Kyoritsu Korea, Hyundai Securities, Mirae Asset and Marlin Consulting.