Seoul signs a partnership with six franchises and delivery service providers to replace with electric motorcycles

  • According to the partnership, the six companies to cooperate to supply 1,050 electric-powered motorcycles for delivery by the end of 2019
  • Seoul plans to replace 100,000 two wheelers with electric motorcycles by 2025
  • Such a scheme expected to reduce nitrogen oxides (NOx), a major source of fine dust pollution, by the equivalent amount emitted by 600,000 compact cars

SEOUL, SOUTH KOREA, April 24, 2019 – The Seoul Metropolitan Government signs a cooperative partnership with six franchises and delivery service providers on April 24 at Seoul City Hall to replace delivery engine-powered two wheelers with eco-friendly electric motorcycles in an effort to tackle fine dust in daily lives. Participating companies include McDonald’s, Pizza Hut, Kyochon Chicken (franchises) and Baemin Riders, Vroong and Barogo (delivery service providers).

Engine-equipped two wheelers are commonly used as a means of transportation for their convenient parking, low maintenance costs and easy mobility, however they emit nitrogen oxides (NOx), a major source of fine dust pollution, about six times more than compact cars. Currently, 446,000 engine-powered two-wheelers are registered in Seoul, among which 100,000 units are used for delivery in franchises and delivery companies.

Through this partnership, the Seoul Metropolitan Government plans to quickly replace the engine wheelers with electric ones in a bid to reduce air pollutants on the roads. According to the agreement, the six partnership companies will supply 1,050 electric-powered motorcycles by the end of 2019 by preferentially purchasing electric-powered two wheelers when they need to replace outdated engine wheelers or buy new ones. And the Seoul Metropolitan Government will secure a budget for the replacement and support them just in time.

Meanwhile, the Seoul Metropolitan Government plans to work with the central government, such as the Ministry of Environment and the Ministry of Trade, Industry and Energy, and manufacturers of motorcycles in order to create a convenient environment for the use of electric motorcycles: for instance, by improving the mileage of electric two-wheelers, increasing battery capacity and developing the standard battery model that can be charged anytime, anywhere. It also creates an environment for convenient charging system, such as battery charging station and battery-sharing system like Taiwan does.




Seoul runs the “2019 Seoul Welcome Week” for the spring season

  • The “2019 Seoul Welcome Week” to be run from April 26 until May 6 to greet international tourists expected to visit Seoul during the golden week holidays
  • During the Welcome Week, various hands-on cultural experiences and promotional events provided by the private tourism companies
  • Taking advantage of the Welcome Week, Seoul to expect to see the tourism revitalization, the re-visit rate increase and the city image improvement

SEOUL, SOUTH KOREA, April 23, 2019 — The Seoul Metropolitan Government and the Seoul Tourism Organization announced that they will run the “2019 Seoul Welcome Week” for international tourists for 11 days from April 26 until May 6. As this year’s holiday seasons in neighboring countries, such as Japan’s Golden Week (April 27 to May 6) and China’s Labor Day holiday (May 1 to May 4), are longer than usual, the Seoul Metropolitan Government will create more welcoming atmospheres for foreign tourists throughout the downtown Seoul.

Especially, more Japanese tourists are expected to visit Seoul than before to enjoy their extended Golden Week holidays as the Japanese Government designated April 30 and May 1 as national holidays, when the Emperor and the new Emperor are planned to abdicate and ascend the throne. The number of Chinese tourists is also expected to increase as Chinese travel companies are resuming group tours to South Korea that had been banned for several years by the Chinese Government in protest against Korea’s decision to install the US-made anti-missile system known as Terminal High Altitude Area Defense (THAAD).

With the opening ceremony to be held in the Welcome Center in Myeong-dong, one of the famous shopping districts in Seoul, on April 26, the 2019 Welcome Week will begin in earnest. As an opening event, more than 100 people, including “Red Angels,” tourist helpers on the streets; honorary tourist sheriffs; tourist police officers; “Seoulyz,” a group of Welcome Week supporters consisting of foreign residents; and “Global Seoul Mate,” a group of foreign influencers living in Seoul, will stage street campaigns to encourage the citizens and merchants to make the welcoming atmosphere.

Also, 70 members from the fifth “Seoul’s Welcome Supporter” will join the efforts to create the welcoming atmosphere. Comprising university students who are interested in activating Seoul tourism, the Seoul’s Welcome Supporter was selected in April this year to do their activities for a year to raise the citizens’ awareness of hospitality, spreading methods to welcome foreigners both online and offline.

At the Incheon International Airport and the Gimpo International Airport as well as major tourist attractions in Seoul, Welcome message boards will be installed, while interpretation service will be provided at Welcome Centers in the Hongdae and Gangnam areas especially for Chinese and Japanese tourists. Each Center also holds various online-offline events to experience Korean traditional culture, VR tour to tourist attractions, K-Beauty (Nail Art), Photo-shooting with K-Stars and Seoul Wish Tree. In the Welcome Centers in Myeongdong and Hongdae, the BTS Photo Zone will be set up and photo-printing services will be provided.

For three days from May 2 to May 4, at Cheonggye Plaza near the Gwanghwamun subway station, the welcome booths will be run by five local tourism-related companies to offer various benefits of shopping, hands-on experience, performances and exhibitions for foreign tourists.

For the past five years since 2014, the Seoul Metropolitan Government has run the Seoul Welcome Week during the period when international tourists intensively visit the capital of Korea. Some 72,600 foreign tourists among those who visited Seoul during the spring and autumn seasons last year participated in the Seoul Welcome Week events, and more than 99 percent of the respondents to the survey said they were “satisfied with the tourist information service provided during the Seoul Welcome Week.”

Director-General Yong-tae Ju of Tourism and Sports at the Seoul Metropolitan Government said, “It is important to spread the welcoming atmosphere for foreign guests at airports and major tourist attractions throughout the city. Also, the general public as well as people involved in the tourism industry and merchants should provide welcoming services to international visitors.” He also added, “In the first quarter of this year, the number of foreign visitors to Seoul has reached a record high. Taking advantage of this positive atmosphere created by the New Korean Wave, we will do our best to provide pleasant memories and time to international tourists during the Seoul Welcome Week.”




Seoul’s “10 Thorough Measures” to Tackle Fine Dust

  • Long-term and leading measures to facilitate changes, managing pollutants in daily lives of the citizens, including roads
  • Two wheelers for delivery (100,000), small and medium-sized diesel buses (444), eco-friendly school bus lines
  • Eco-friendly boilers (900,000), largely increased distribution of low-NOx burner, 3 test bed districts for intensive management
  • Formulate and pilot Green Transportation Zone system (within the Seoul City Wall) as of July 1

SEOUL, SOUTH KOREA, April 15, 2019 – Seoul introduces even more strengthened fine dust reduction measures. So far, it has taken long-term and leading approaches such as urging the National Assembly to pass eight fine dust reduction bills including the Special Act on Fine Dust Reduction and Management in order to facilitate changes. From now on, Seoul plans to focus on managing the pollutants stacked in the public residential areas.

Seoul came up with a plan to replace 100,000 engine-equipped two wheelers with electric motorcycles through a partnership with franchises and delivery service providers. Compared to small passenger cars, two-wheeled motorcycles with engines discharge six times more air pollutants. With an aim at reducing the number of diesel community buses to zero, Seoul will replace about 400 out of 1,580 community buses with electric buses from 2020. The buildings in Seoul are now required to replace 900,000 outdated boilers, the main cause of fine dust, with eco-friendly condensing boilers by 2020. As the legislation to mandate installation of condensing boilers from 2020 passed, it is expected to bring about a dramatic reduction in fine dust.

Three districts where small-sized air pollutant-producing facilities are concentrated, Gasan and Guro Digital Complexes, the Seongsu-dong area, and neighboring areas of Yeongdeungpo Station, are selected as test beds for intensive management. 100 IoT-based fine dust measuring devices are to be installed in places that require constant control such as large construction sites, gas stations, and printing houses, and the number of the devices will reach 2,500 by 2022.

Starting from July 1, the operation of fifth grade vehicles in the Green Transportation Zone within the Seoul City Wall will be restricted from 6 a.m. to 9 p.m., and a fine will be imposed for violation from December 1. The city government doubled the subsidy for the owners of 3,700 fifth grade vehicles within the Green Transportation Zone if they join the early disposal of cars.

The Seoul Metropolitan Government announced “10 thorough measures to combat fine dust” in three areas on April 15 to lessen the amount of pollutants that diminish the quality of citizens’ lives from every corner around the city.

The first main area is adoption of low emission vehicles to reduce the pollution level near main roads. Even though main roads require meticulous care as they are shared by both vehicles and citizens, they have remained neglected. Two wheelers with engines, diesel-powered community buses, and school buses are the main vehicles to be replaced.

Two-wheeled motorcycles with engines: Through cooperation with franchising companies and delivery service providers, Seoul will replace 100,000 two wheelers with electric motorcycles by 2025. The city government already carried out consultation with a number of franchise restaurants and deliver businesses, and 1,000 motorcycles will be replaced by the end of this year.

Small and medium-sized diesel-powered community buses: With declaration to reduce community buses to zero, Seoul will replace 444 small and medium-sized diesel buses traveling within villages with electric buses from 2020. A consultative body composed of bus unions and automobile companies is on operation from April to implement the plan.

School buses for children: The number of school buses to be replaced with eco-friendly vehicles is enlarged by a great deal to protect children who are more vulnerable to fine dust as they breathe more air than adults. Seoul also plans to replace 400 school buses with eco-friendly vehicles every year until 2022 along with a plan to provide subsidy to those who scrap their outdated school buses to encourage them to purchase green cars.

Secondly, Seoul controls fine dust generated from residential and commercial buildings. Now ventilation system will be controlled at maintenance office to improve indoor air quality. The number of fine-dust-free apartment buildings is expected to go up.

Although the apartment buildings that are built or remodeled from 2006 are equipped with ventilation system, most residents hardly know how to install and operate it. Seoul drafted a procedure to educate maintenance officers in each apartment complex on how to perform maintenance and filter replacement. Seoul also revised apartment building management regulations to accelerate the plan.

The city government puts its utmost efforts into promoting wide use of eco-friendly boilers and low NOx burners to reduce fine dust caused by heating.

Environment-friendly boilers for home use: As a bill to mandate installation of eco-friendly boilers passed, Seoul gears up its existing initiative to expand the use of eco-friendly condensing boilers. The city government quadrupled the number of eco-friendly boilers to be installed by the end of 2019 to 50,000. Outdated 900,000 boilers will also be replaced by 2022. Eco-friendly condensing boilers can reduce not only fine dust but also carbon dioxide, and the reduced amount of carbon dioxide is 191,200 tons, the amount about 2.9 million of 30-year-old pine trees take in.

Low NOx burners for commercial use: Boilers with two tons of capacity or more are now subject to special inspection more frequently due to strengthened emission standards. Seoul also plans to designate unregulated boilers as small-scale air pollutant-producing facilities while supporting the businesses that install low NOx burners.

Thirdly, Seoul focuses its sources on constructing a flawless air pollutant management system. The city government will closely monitor and manage the districts where small air-pollutant producing facilities or crowded multi-use facilities are concentrated to cut down the level of fine dust. At the same time, utilization of IoT-based fine dust measuring instruments is expected to enable the government to control pollution sources constantly throughout the city.

Test beds for intensive management: To reduce the vulnerable bracket’s exposure to fine dust, Seoul selected the Gasan and Guro Digital Complexes, the Seongsu-dong area, and nearby areas of Yeongdeungpo Station as test beds for intensive management. The city government will strictly monitor the air pollutant-producing facilities in the three districts while supporting programs designed to improve air quality.

Installation of IoT-based fine dust measure instruments: Seoul will install and manage 100 fine dust measure devices in areas that require consistent fine dust control such as large-scale construction sites, gas stations and printing houses within this year. In the long term, it plans to install 2,500 devices in every administrative division for thorough air quality control.

Fine dust-emitting facilities located in public areas will also be under intensive control. Reinforced crackdown will be implemented for polices buses in downtown and automobile repair shops in every neighborhood.

Police buses: Polices buses have been exempted from crackdown even though they discharged fine dust due to idling engines. Now police buses will be equipped with an extra generator dedicated for air conditioning and heating while engines are off. 30 generators will be distributed for the police buses stationed in the Green Transportation Zone in the first half year, and a total of 150 generators are to be installed to police buses on standby in other districts. In addition, the Seoul Metropolitan Government and the national government agreed to cooperate to shift diesel-powered police buses to electric and hydrogen-fueled buses.

Automobile repair shops and vehicle inspection stations: Seoul will perform intensive clampdown on car repair shops and vehicle inspection stations which cause fine dust in residential zones. The city government will regulate engine idling to prevent exhaust gases discharged when engine is cleaned using oxyhydrogen. It plans to submit proposals to enforce such facilities to install exhaust gas collectors and to empower special police officers to crackdown on illegal practices.

Seoul also has a plan to prohibit the access of grade 5 emission vehicles to Green Transportation Zone where 20,000 to 30,000 fifth grade vehicles pass through every day, emitting air pollutants.

As of July 1, a total of 2.5 million grade five emission cars around the nation will be restricted from entering the eight areas in Jongno-gu and seven areas in Jung-gu. Considering logistic flows in the zone, the grade five emission cars will be banned from accessing the zone from 6 a.m. to 7 or 9 p.m. during the grace period.

After July when a real-time vehicle management system to monitor the Green Transportation Zone is expected to be established, a mobile alarm message explaining the new policy will be sent to the drivers when their grade five emission cars enter the zone to prevent inconvenience and confusion.

Seoul raised the financial support from 1.65 million to 3 million won for the owners of 3,727 grade five emission cars residing in the Green Transportation Zone if they join the early car-scrap. The residents in the zone will also be on the priority list when they apply for devices to reduce gas emission.

The city government will minimize the inconvenience of the residents of the Green Transportation Zone by granting grace period once they apply to follow the low-pollution control measures. Also, the Seoul Metropolitan Government formulated various support programs to benefit the residents in the zone who scrap their pollutant-emitting cars. It plans to secure a large number of alternative means of transportation within the zone with an aim to increase the ratio of electric cars in the zone to 70 percent by 2022.

Low-income families can also receive the increased subsidies for early car disposal and installation of emission reduction devices. Seoul plans to put together diverse ways to support small businesses and low-income bracket for joining the emission reduction programs. Through consultation with the Ministry of Environment, it will raise the subsidies to 3 million won for those who join the early car scrap campaign as well.

Meanwhile, the Seoul Metropolitan Government will additionally allot a great deal of budget to combat fine dust. A total of 290 billion won including 172 billion won from the city coffers will be earmarked for implementation of the plans including subsidies for purchasing green cars and measures to cut down air pollutants and improve air quality.




Seoul attracts US$110 million worth of foreign investment from four new growth companies in North America

  • In cooperation with KOTRA, Seoul successfully attracts foreign investment from four new growth companies in North America
  • Scanline VFX, a visual effects production company for Hollywood movies such as The Avengers, to open its first studio in Asia at the Sangam DMC R&D Center in Seoul
  • In addition, Seoul attracts the investment from medical diagnosis bio-tech firm Platinum 21; blockchain technology-based fintech firm Finhaven; and Stanford University’s startup BuildBlock
  • Through this investment, Seoul to attract US$110 million worth of foreign investment and create about 550 quality jobs

SEOUL, SOUTH KOREA, April 16, 2019 – The global innovative company Scanline VFX (hereinafter “Scanline”) will open its first studio in Asia at the Sangam DMC R&D Center in Seoul this year. Scanline produced visual effects (abbreviated VFX) of great hit Hollywood movies, such as The Avengers and Aquaman. Currently Scanline has studios in Vancouver, Los Angeles and Munich, and has considered setting up additional studios in Asia including China and Japan to advance globally. It has recently decided to have its Asian studio in Seoul. The Seoul Metropolitan Government, the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) have made efforts to attract their office in the capital city of Korea.

In addition, the Seoul Metropolitan Government and KOTRA announced that they also successfully attract other three innovative North American companies to Seoul – medical diagnosis bio-tech firm Platinum 21; blockchain technology-based fintech firm Finhaven; and prestigious Stanford University’s startup BuildBlock in Silicon Valley. The four companies including Scanline plan to set up regional headquarters or R&D centers in Seoul and invest a total of US$ 110 million over the next five years in Seoul, creating some 550 new jobs.

Scanline will invest US$50 million in Seoul and recruit more than 310 talents for five years from 2019 to 2023. It has recently been working on films, such as “Godzilla vs. Kong,” “X-Men: Dark Phoenix,” “Spiderman: Far From Home,” and “Joker,” and plans to make productions of Hollywood movies at its upcoming Asian studio in Seoul.

Stephen Trojansky, a VFX Supervisor and Co-Founder of Scanline, said, “Seoul is an attractive destination for investment and great talents. Thanks to Korean engineers, we have been able to develop our high technologies and make more movies.” He added, “Active and systematic support plans for foreign-invested companies provided by the Seoul Metropolitan Government, the Korea Central Government and KOTRA Vancouver helped us make our final decision to make investment in Seoul.”

The Seoul Metropolitan Government and the KOTRA have also succeeded in attracting the regional headquarters of Platinum 21, a bio-tech company for medical diagnosis based in Vancouver. Platinum 21 has developed BioIQ Test Kit that diagnoses quickly various diseases such as AIDS, syphilis, hepatitis and cancer. According to its plan, Platinum 21 will invest about US$53 million worth of intellectual property and cash in Seoul over the next five years for more effective research and development in preventive medicine and clinical tests. It also plans to create decent jobs for around 200 people.

With Finhaven, one of the leading blockchain technology-based fintech firms in Vancouver, Seoul signed a negotiation to attract investment in opening a research and development center in the city. Finhaven is a financial services-providing platform company that mediates buying and selling of securities based on blockchain technology. It plans to invest US$10 million in Seoul over the next five years and hire 30 new workers. If the final decision is made to advance to Seoul, Finhaven’s platform will serve as a bridgehead for connecting financial markets of Korea and the rest of the world.

Seoul has also attracted the establishment of a branch office of BuildBlock in Seoul. BuildBlock is a promising startup at Stanford University located in Silicon Valley. BuildBlock has a plan to build a real estate transaction platform based on blockchain technology. It is expected to advance into the Korean financial service platform market by making US$1 million worth of investment and recruiting 10 new workers, promoting the growth of the local blockchain industry.

An official from the Seoul Metropolitan Government said, “Through this investment to be made by the four promising new growth companies in North America, Seoul will attract US$110 million worth of foreign investment and create about 550 quality jobs. We will continue our efforts to attract new foreign companies in Seoul in cooperation with the central government and KOTRA so to boost the local economy and provide jobs in Seoul.”




Seoul to launch the Seoul-Pyeongyang Cooperation Project Advisory for the water quality improvement of North Korea’s river

  • Mayor Park holds a ceremony to appoint advisors for the Seoul-Pyeongyang cooperation projects for the water quality improvement of the Daedonggang River
  • The advisory, consisting of a total of 12 experts, for instance, in water quality and the environment, substantially facilitates the cooperative work between the two Koreas
  • It will increase the trust between the two cities and realize the supply of the clean water, the key agenda for the U.N. Sustainable Development

SEOUL, SOUTH KOREA, April 10, 2019 — The Seoul Metropolitan Government launches the Seoul-Pyeongyang Cooperation Project Advisory for the water quality improvement of the Daedongang River in North Korea. Participated by experts in various fields, the advisory plays a pivotal role in laying the foundation for the implementation of the cooperative projects to improve the water quality of the river run through the capital of the North. It is expected to substantially facilitate the cooperative work in accordance with the trend of international community. The advisory, together with the Seoul Metropolitan Government, will find related projects, supporting the implementation of the plan.

The advisory consists of a total of 12 experts, including eight civilian experts in water quality, environment, ecology and inter-Korean exchanges and cooperation, as well as four in charge of Seoul’s organizations dealing with inter-Korean cooperation and water supply and circulation. Mayor Park Won-Soon holds a ceremony at a conference room located on the 18th floor of the Seoul City Hall at 2:45 p.m. on April 10 to appoint the advisors from the private sector. During the ceremony, Mayor Park asks the advisors to take active so that the cooperation projects of the water quality improvement are successfully carried out.

The Daedonggang water quality improvement project is highly likely to be pushed forward since it was the one mentioned and discussed directly by North Korean leader Kim Jong-Un when Mayor Park visited Pyeongyang in September last year as a member of the South Korean delegation for the inter-Korean summit. The Seoul Metropolitan Government will continue to promote this cooperative project in order to make it a good example for the inter-Korean exchange projects carried out between local governments in the South and the North. Accordingly, such a scheme is expected to increase the trust between the two cities and lead diverse cooperative works in the future so that it will serve both interests of the two Koreas.

The advisory will actively join the international community’s efforts to expand the “right to enjoy the clean water,” while seeking for ways to cooperate with the international community to realize the supply of the clean water, which is the key agenda for the U.N. Sustainable Development. Mayor Park said, ” After the U.S. and North Korean Summit in Hanoi, the Korean government has been speeding up its feasible inter-Korean exchange and cooperation projects, while considering other many circumstances. In line with such an effort, Seoul will also implement the inter-city cooperative projects through proper consultation with the North.




Seoul Metropolitan Government to launch its second fintech lab in Yeouido… First case of establishing a startup base in a global shared workspace

  • Seoul Metropolitan Government to establish a workspace for fintech startups looking to launch and foster a business….to open in July
  • 30% of companies selected for the lab will be foreign fintech startups with plans to expand into the Asian market, contributing to job creation in Korea
  • Startups will be provided with office space for up to two years, support for investment attraction, expansion to overseas markets, and consultation on starting a business and technical aspects
  • Yeouido will be a financial hub where traditional finance companies, such as asset management and securities firms, and new fintech companies coexist

Seoul, 8 April 2019: The Seoul Metropolitan Government announced on April 8 that it will open its second Fintech Lab in Yeouido, the financial center of the city, in July of this year. The city’s second fintech lab will be located within WeWork, a global platform that provides space, community, and services.

The second fintech lab of the Seoul Metropolitan Government will be the first case of a space dedicated to fostering local startups on the global shared workspace platform ‘WeWork’. The city plans to select and support 17 fintech startups on one floor of the location, which will open in July, and plans to expand further through additional funding.

Startups at the second fintech lab will benefit from WeWork’s global network and support for startups. WeWork has locations across 27 countries, 100 cities, 425 locations with over 400,000 members around the world, offering diverse business support programs, including, but not limited to, talent management, investment attraction and business branding.

The Yeouido area was designated as a financial center in 2009 and now is home to 32% of all financial institutions, 40% of investment advisors, and 26% of domestic life insurance companies in the country. The city plans to be develop Yeouido into a core area for future financial innovation, and the establishment of the second fintech lab is part of that plan.

The Seoul Metropolitan Government will proceed with the initial selection of startups for the second fintech lab in May. Companies with four or more employees that have attracted 100 million won in investment and recorded 100 million won in annual sales can move into the fintech lab for free for up to two years. The fintech lab will choose outstanding fintech startups after assessing several criteria, including employment, investment and sales. In addition to workspace, the fintech lab will support various programs to help startups attract investment, expand into overseas markets, and network with local and international financial companies.

Meanwhile, 30% of the selected companies that move into the fintech lab will be foreign fintech startups, planning to expand into Asian markets. The city aims at creating a synergy effect by promoting collaboration with startup companies and creating jobs in Korea.

To attract capable foreign fintech companies, Seoul Metropolitan Government will meet with fintech startups with plans to enter Korea in London in early May and provide details on the requirements and benefits of moving into the fintech lab.

The second fintech lab was pursued in part to solve the office space shortage problem, continuously raised since last year. During the conference held for fintech and asset management companies on January 21, fintech companies in attendance pointed out a lack of space at the Mapo Fintech Lab, which opened last year, and Won-soon Park, mayor of the Seoul Metropolitan Government, promised to launch the second fintech lab.

There are 27 companies and pre-entrepreneurs in Mapo Fintech Lab, which was launched by the Seoul Metropolitan Government in April last year, after a 3.7:1 competition rate in the startup selection process. They have achieved notable results, attracting 5.1 billion won in investment and hiring 64 new employees within nine months of launch.

“With the opening of the second fintech lab, Yeouido will become a fintech industry hub based on new financial technologies as well as the existing traditional financial businesses in the area, such as asset management and securities firms,” said In-dong Cho, Deputy Mayor for Economic Development, Seoul Metropolitan Government. “We will continue to support the growth of fintech companies by providing more space as well as consulting and various networking programs,” he added.

“We hope that companies at Seoul Metropolitan Government’s fintech lab can succeed with the help of WeWork’s global network community of over 400,000 members in 425 locations across over 100 cities and 27 countries,” said Matthew Shampine, General Manager, Korea at WeWork.




Enjoy 2019 Cherry Blossoms Festival at Seoul Grand Park

  • 2019 Cherry blossoms Festival takes place for 16 days from April 6 through 21 at Seoul Grand Park
  • Since cherry blossoms of the Seoul Grand Park flower around one week behind those of Seoul, visitors are able to enjoy more colorful and beautiful cherry blossoms
  • Visitors may also enjoy a variety of events with the Cherry Blossom Festival
  • The Festival provides the beauty of the king cherry blossom and also the romance of pink-colored prunus cherry blossom

SEOUL, SOUTH KOREA, April 5, 2019 — When the cherry trees are in flower in the warm spring breeze in April, the cherry blossom festival starts at the Seoul Grand Park. The festival runs for 16 days from April 6 through 21. From April 6 to 14, visitors enjoy the festival on the Hosudulle-gil of the Park and from April 15 to 21 on the Gyeopbeotkkot-gil at the zoo.

This year’s cherry blossoms in Seoul are expected to begin to bloom from April 5. Two weeks after the king cherry blossoms come into flower on the Hosudulle-gil, prunus cherry blossom usually bloom. Since cherry blossoms of the Seoul Grand Park flower around one week behind those of Seoul, visitors are able to enjoy more colorful and beautiful cherry blossoms. When the cherry trees blossom at the Seoul Grand Park and its zoo, and in the foot of the Cheonggyesan Mountain, anyone get the best photos of the flowers anywhere.

Cherry blossoms Festival at the Seoul Grand Park start from April 6, so the first week of the festival is the best time to visit there and enjoy the cherry blossom and the spring scenery. Those who want to see the flower in full bloom are recommended to visit there around April 13 and April 14, the second week of the festival.

The Cherry Blossom Festival will be held with a variety of events;

Romantic Photo Zone (April 6-21, Permanent exhibition)
– Hosudulle-gil (April 6 – 14)
– Gyeopbeotkkot-gil at the zoo (April 20 to 21)

Cherry Blossom Busking (Saturday & Sunday during the Festival, 2pm-5pm)
– Right Side of Fountain Square (April 6 – 7, April 13 – 14)
– Gyeopbeotkkot-gil at the zoo (April 20 to 21)

Cherry Blossom Experience Programs (Saturday & Sunday during the Festival, 12pm-5pm)
– Right Side of Fountain Square (April 6 – 7, April 13 – 14)
– Front of the Zebra Stable on Gyeopbeotkkot-gil at the zoo (April 20 to 21)




Seoul to establish a fast track to become one of the global Top Five Cities of Startup

  • Seoul to invest 1.9 trillion won for four years for the “Global TOP 5 Start-up City Seoul” and its seven projects
  • 10,000 technology talents to be fostered centering on six new industrial hubs, and the size of the technology startup space to be doubled
  • Comprehensive support for innovative ideas of the startups to be provided to produce prototypes within 180 days or six months
  • A fast track to be launched for foreign startups to get a visa immediately
  • Seoul Mayor said “I will improve the structure of Seoul economy and make a “miracle of startup”

SEOUL, SOUTH KOREA, April 4, 2019 – The Seoul Metropolitan Government said it will fully support startups with new technologies as part of the key strategy for the “economic revival,” the main task of the seventh popularly elected municipal administration, and as an alternative measure to sustainable jobs. Though this scheme, the city government plans to drastically invest in ideas that change the world and new technologies that create new jobs in order to change the structure of Seoul’s economy.

To this end, the Seoul Metropolitan Government will marshal all its authority and capabilities to support technology startups at their whole business stages from the early stage to the one of overseas advancement. First of all, the number of startup support facilities in Seoul will be increased to 44 from 17 in 2011 to focus on fostering global companies and innovative economic models to create new growth engines that are needed to overcome the low-growth era. For the past seven years, the city government has successfully fostered around 10,000 enterprises, achieving a certain quantitative expansion.

According to the new scheme, the Seoul Metropolitan Government will nurture 10,000 innovative talents who lead the technology startup, such as those specialized in technologies for the fourth industrial revolution and foreign start-up entrepreneurs, by 2022, while doubling the number of business spaces for technology start-ups related to AI and bio-industry to 2,200 in four years, and increasing the infrastructure for new technology start-ups.

In addition, it will provide further support to companies that will successfully start their businesses based on such an infrastructure to take them one step further as a global company. The Seoul Metropolitan Government will boldly invest funds in start-ups and companies at their early stage that are having difficulties in attracting investment from the private sector, and offer a total service for them to analyze business feasibility, design products, produce prototypes and connect them to manufacturers so that innovative ideas can be realized within 180 days or six months.

Focusing on such strategic investment and supports, the Seoul Metropolitan Government announced the master plan for “Global TOP 5 Start-up City Seoul” and its seven projects to make Seoul one of the world’s top five start-up cities.

According to the plan, the city government is to invest a total of 1.9 trillion won (960 billion won from the city government, 680 billion won from the central government, and 300 billion won from the private sector) over the four years until 2022 to increase the number of unicorns (privately held venture firms valued at over 1 trillion won) to 15 from the current seven, and raise the share of venture firms’ sales volumes to 7 percent (3 percent in 2017). As the central government also announced that it will set “making Korea a start-up country” as the national agenda through the second venture boom expansion strategy and focus its capacity on boosting the start-up ecosystem, Seoul plans to play a role of fast track for new technology startups in active cooperation with the central government.

Seoul’s seven projects are 1) “Global Talent Pipeline” to foster 10,000 technology talents; 2) “Tech Space 1000” to increase the number of technology startup spaces by 1,000; 3) “Strategic Growth Investment” to provide financial support to 3,000 startups by the business stage; 4) “Growth Promotion Platform” led by the private sector and supported by the public sector; 5) “Productization 180” to implement ideas rapidly into business; 6) “Testbed City Seoul” to demonstrate innovative technology products and cultivate new markets; and 7) “Global Market” to help 160 promising startups advance the global market.

1) “Global Talent Pipeline” to foster 10,000 technology talents

Centering on six new industrial hubs, including Hongneung (Bio), Mapo (Fintech, Blockchain), Gaepo and Yangjae (AI, Big Data, etc.), about 6,400 technology talents specialized in the fourth industrial revolution (annually 1,600) will be trained. In upcoming November, jointly with the Ministry of Science and Technology, the city government will found the “Innovation School” in the Gaepo Digital Innovation Park and foster 2,000 problem-solving software-converged talents (annually 500). Within the Seoul Startup Hub, “Startup Academy” will be operated (to open in June 2019) to teach how to establish a company, how to raise funds, how to solve diverse business problems, nurturing 1,200 start-up people (annually 300). In order to expand the startup boom to universities, entrepreneurship lectures will be provided at universities that participate in “Campus Town.” Around 500 rounds of lectures will be made so that up to 30,000 people, 10 times the current number, take them until 2022.

The Seoul Metropolitan Government will also make efforts to attract and foster global (foreign) core talents who want to start their technology startup in Seoul. In cooperation with the Ministry of Justice, the procedures for the issuance of “technology start-up preparation visa” will be simplified for them to receive it within a week and launch a fast track for startups that successfully attract more than 100 million won in investment from venture capitals or accelerators to get a visa immediately. To minimize inconveniences in living and settling in Seoul, Seoul-style houses exclusively for foreigners will be offered to international start-ups who reside in the six new industrial hubs, and “residential vouchers” with an annual rent of up to 15 million won will be provided to meet the demand of foreigners starting next year.

2) “Tech Space 1000” to increase the number of technology startup spaces by 1,000

Working spaces with a capacity of more than 1,000 innovative companies will be newly built centering on new industrial hubs, such as in Yangjae (AI) and Hongneung (Bio Medical). The number of companies that the spaces house will be doubled to 2,200 from the current 1,043, while the area will be expanded 2.4 times to 480,000 square meters from the current 200,000 square meters. The Seoul Startup Hub in Mapo will be the initial incubation base for technology startups that are difficult to find working spaces.

Yangjae (26 → 226 companies’ working spaces)
R&D Innovation Hub located in Yangjae, where currently houses 26 companies, will increase the number of companies to 226. In the short term, it will lease surrounding private buildings or use the city-run spaces, such as the Quality Inspection Office, (spaces capable of 200 companies, 18,161 square meters). In the long term, it will create a “Yangjae R&D Campus” at the 32,095 square-meter site of the Grain Wholesale Market.

Hongneung (20 → 230 companies’ working spaces)
Hongneung Biohub, which currently has 20 corporate spaces, will be created as a “Global Bio-medical Cluster in Northeast Asia,” where 230 companies are able to work.
And the existing Biohub spaces will be expanded (130 corporate spaces, 20,347 square meters); the “BT-IT Convergence Center,” which will be an expanded space of the former Defense Venture Center (30 corporate spaces, 2,986 square meters) in 2020; and “High-tech Medical Device Development Center” will be opened at the area of the Jeongneungcheon Stream in 2021. (50 corporate spaces and 19,000 square meters)

Mapo “Seoul Startup Hub”
The Seoul Startup Hub, the largest start-up incubation organization in Korea and the control tower of the city’s start-up facilities, will create and operate an additional incubation space for new technology startups. Meanwhile, 20 blockchain companies will move into the Hub in April this year.

3) “Strategic Growth Investment” to provide financial support to 3,000 startups by the business stage

Since the success or failure of startups depends on the early stages, the Seoul Metropolitan Government will strengthen investment in the early stages of startups and in the productization stage to help them overcome the Death Valley and grow into a unicorn company. It will also expand opportunities of Exit, at which an investor or founder sells his or her stake realize his gains.

Strengthening Investment in Seed Funds (1,000 startups at the early stage)
It is an early investment step to invest, for instance, in making prototypes of ideas. At this step, the city government will invest 19 billion won in about 400 companies by 2022 with financial resources of the Seoul Business Agency, and will raise seed funds under the name of Seoul Metropolitan Government’s Small and Medium Business Promotion Fund worth 60 billion won from next year for three years until 2022
to support about 600 companies.

Series A-phase Intensive Investment (2,000 startups)
Series A-phase investment is making an investment in a stage when real products or services are made in order to overcome the Death Valley of companies. The Seoul Metropolitan Government will create a 1.2 trillion won fund for startups, retrying companies and fourth industrial revolution-related firms, to invest in 2,000 companies by 2022.

Promoting startup’s EXIT
The city government will establish the matching system between start-up companies and conglomerates or small and medium-sized enterprises for their better cooperative partnership and help them lead to M&As. It also plans to form a network of overseas venture investors through the participation of foreign-invested funds by the Seoul Business Agency and make cooperation with the private sector that have global corporate networks, such as the Korea International Trade Association, to indirectly help startups attract an investment.

4) “Growth Promotion Platform” led by the private sector and supported by the public sector

The Seoul Metropolitan government will open the startup incubation area, which has been led mainly by the public sector, to the private sector with expertise, such as qualified companies and venture capitalists. It is a “startup platform” led by the private sector and supported by the public sector. First of all, it will open the operation of the Seoul Startup Hub to global investors and accelerators from the second half of this year so that they will run the overall incubation programs from selecting startups to incubation, investment and global expansion, and it will expand the way to operate to Yangjae and Hongneung Hubs from next year. Such an attempt is to enhance the expertise of start-up incubation and increase the competitiveness of startups by encouraging global investors to join the process of the evaluation for the startups’ performances.

If a private company provides a space, the city government support the rent fee of the space and programs, such as a start-up business fair or a contest. The city will utilize some parts of the private sector’s shared office as working spaces for foreign start-ups, and support startups working at private buildings when they participate in international IR or other promotional events. The business information database for startups from a total of 44 the city-run startup facilities, including Seoul Startup Hub, will be established and opened to accelerator and venture capitalists to increase an investment opportunity. In addition, the “Seoul Startup Membership” will be created to encompass startup facilities, companies and startup entrepreneurs and established the system for mentoring and sharing startup facilities.

5) “Productization 180” to implement ideas rapidly into business

The Productization 180 Project will be launched to provide comprehensive support for innovative ideas of the startups to produce prototypes within 180 days or six months. It is to unify the process of the production through which prototypes will be made in professional maker’s spaces after analyses of business feasibility and designs of optimal product. To do so, the city government will strengthen the functions of the city-run prototyping factories, including the Productization Support Center of the Seoul Startup Hub, the Makerspace G-Camp and Digital Blacksmith’s Workroom, and establish a database of privately-owned prototyping workrooms at, for instance, a university or a research institute. Afterwards, a cooperative network will be established with domestic and international manufacturers so that they can be connected with optimal ones during the mass-production phase of products.

6) “Testbed City Seoul” to demonstrate innovative technology products and cultivate new markets

Even if innovative technologies are succeeded in productization, many startups still have difficulties because of lack of demonstration and markets. For those startups, the city government will become a test bed for innovative products. By 2023, it will provide an opportunity to demonstration to 500 innovative companies. It will also support their technology development, commercialization and marketing. Validated innovative products and services will be bought by the Seoul Metropolitan Government through public purchase.

7) “Global Market” to help 160 promising startups advance the global market

Also, the city government will support promising innovative startups for their strategic “going global” so that they are able to serve as a key player of job creation and economic growth. It is essential for a company to advance into overseas markets for further growth, however 89 percent of sales of startups in Seoul are occurring only in Korea, and there are just seven unicorns in Korea. (150 unicorns in the U.S. and 92 in China)

In addition, it supports overseas accelerating from the stage of productization by linking them with global accelerators, such as China’s iMakerbase and Switzerland’s Society 3. It will also support the startups’ global market exploration and investment attraction through overseas offices of public organizations such as the Korea Small and Medium Businesses and Startups Agency, KOTRA and Korea Venture Investment Corporation. The 2019 Global Accelerator Conference will be held in May jointly by the Seoul Metropolitan Government and Hanyang University, inviting global accelerators and venture capitalists to Seoul to introduce Korean start-ups and provide various networking for foreign investment.

It will also lay the foundation for overseas advancement to, such as Silicon Valley, Israel and London in conjunction with leading foreign accelerators like Plug&Play, KICKstart, Yozma and P&G Venture.

Meanwhile, the Seoul Metropolitan Government will also hold the Seoul Startup Week and a large-scale investment competition, which brings together global networks owned by the public and private sectors, such as global startups and players, 44 start-ups support facilities and private shared offices, in the first week of every September.

Seoul Mayor Park Won-Soon said, “Fostering startups is the most important for Seoul’s future growth engine and it is located at the center of the citizens’ lives. Now, supporting startups is the way we should go to change the economic landscape of Seoul. It is not an option to revive the economy.” He also added, “I will improve the structure of Seoul economy and make a “miracle of startup.” I will do my best to make Seoul a city of dreams for young startup entrepreneurs in Asia like Silicon Valley, an innovative ecosystem created by the world’s talents.”




Seoul to donate a total of 1,079 books to support a campaign to build a library in Mosul, Iraq

  • Mayor Park Won-Soon delivered the books donation form to Iraqi Ambassador to Korea at his office on April 4
  • Seoul supports a campaign to build a library in the city of Mosul where was destroyed by Islamic extremist militant group
  • A total of 1,079 books will be donated to represent Mosul’s liberation day of July 9, 2017, expecting to strengthen the friendly relationship between the two cities

SEOUL, SOUTH KOREA, April 4, 2019 — The Seoul Metropolitan Government announced that it will donate a total of 1,079 books to the city of Mosul, Iraq, in a bid to support a campaign to build a library in a major city located some 400 km north of Baghdad. The entire city of Mosul was destroyed by Islamic State (IS), or Islamic extremist militant group.

Seoul Mayor Park Won-Soon had a book donation ceremony at his office at 11:20 on April 4 and delivered the books donation form to Iraqi Ambassador to Korea Hayder Shiya ALBARRAK. When having a meeting with Mayor Park on August 3 last year, Ambassador ALBARRAK mentioned the campaign and requested the Seoul Metropolitan Government to donate books and brochures.

The Iraqi city of Mosul, which had been captured by IS for three years, was liberated on July 9, 2017, nine months after the Iraqi government forces launched the operation of retaking Mosul. The city of Mosul serves as a transportation hub linking Baghdad, the Capital of Iraq, Turkey and Syria, and it is called the economic capital since it is located near the oil field.

IS, formed in 2003, occupied Mosul in June 2014 all of a sudden, and used it as their largest central city. It is reported that for the three-year occupation they slaughtered women and children, seized the civilians’ assets, and smuggled ancient relics. As a result, the population of Mosul had been greatly decreased and the city’s historic sites and urban infrastructure had been destroyed. Mosul used to be a big city with a population of more than 2 million.

The Seoul Metropolitan Government said it has decided to donate 1,079 books to represent their liberation day of July 9, 2017. Also, the Korean pronunciation of “79” is “Chilgu,” which sounds similar to “Chingu” that means “Friends.” In this context, this book donation is expected to become an opportunity to strengthen the friendly relationship between the two cities. The donated books include 441 books from the Seoul Metropolitan Library; 576 books published by departments of the Seoul Metropolitan Government and its affiliated organizations; and 62 books purchased separately.

South Korea and Iraq established diplomatic relations on July 9, 1989, and this year marks the 30th anniversary. Since then, the two countries have had ups and downs – the Korean Embassy in Iraq was temporarily closed in 1991 and the Iraqi Embassy in Seoul also temporarily closed in 1994. The Korean Embassy in Iraq reopened in 2003 and the Iraqi Embassy in Korea did in 2006.




Seoul and China Construction Bank create “dust-reducing forest” at Yeouido Park

  • Seoul to plant 3,000 trees at Yeouido Park on April 6 according to the agreement with China Construction Bank Corporation in 2017 to create “dust-reducing forests”
  • Seoul to plant around 5,400 flowers and trees with a total of 80 executives and employees of the China Construction Bank’s Seoul branch office
  • This tree-planting event to contribute to fundamentally reducing fine dust and decreasing urban heat island effect

SEOUL, SOUTH KOREA, April 4, 2019 — The Seoul Metropolitan Government’s Seobu Parks & Landscape Management Office said that it will hold the third “landscaping beautiful park” event at Yeouido Park from 10 a.m. on April 6 in cooperation with China Construction Bank Corporation’s Seoul branch office.

The Seoul Metropolitan Government and China Construction Bank Corporation’s Seoul branch office signed an agreement to create “dust-reducing forests” throughout the city in 2017. According to the agreement, the two together planted flowers and trees at Dongja Neighborhood Park in 2017, and at Yeouido Park in 2018, respectively.

China Construction Bank Corporation is a global bank, ranked the second largest bank out of the world’s 1,000 largest banks in 2016, and its Seoul branch has been rapidly growing since its opening in 2004. It also actively makes donations through the Red Cross every year.

This year’s event is taking place as part of the China Construction Bank’s social contribution project. The Seoul Metropolitan Government provides a site for planting trees and related administrative supports, while executives and employees from the Bank’s Seoul branch office donate and water the trees and take care of the park.

Located northwest of the Yeouido Park, the site to be planted is the one where trees are needed to provide shades to the citizens who take a walk at the park. The Seobu Parks & Landscape Management Office has recently removed or transplanted trees that do not grow well and improved soils at the Park for planting new trees. On the event day, it will plant around 5,400 flowers and trees, including zelkova trees, with a total of 80 executives and employees of the China Construction Bank’s Seoul branch office.

President Jeon Min of the China Construction Bank’s Seoul branch office said, “I’m very excited to participate in this kind of the environmental protection campaign,” and added, “We are committed to taking part more actively in such meaningful activities in the future.”

The Seoul Metropolitan Government expects that this tree-planting event will contribute to fundamentally reducing fine dust and also decreasing urban heat island effect, while improving the park’s landscape so as to give satisfactory to the visitors.




Donuimun Museum Village reopens as a place of 100-year memories of modern and contemporary history and culture

  • The Village, firstly opened in 2017, had been used as workrooms and exhibition spaces for artists; Now it reopens as a place of 100-year memories of modern and contemporary history and culture
  • It becomes a place that anyone is allowed to enjoy exhibitions, performances, markets and daily hands-on education programs while leaving existing houses intact to obtain its original identity as a “living museum village”
  • The two-day event to celebrate its reopening to be held from April 6 to 7: Seoul Street Performance Group’s performances and diverse retro games to take place
  • The Village to open to the public from 10am to 7pm, Tuesday to Sunday from April

SEOUL, SOUTH KOREA, April 3, 2019 – The Donuimun Museum Village has been refreshed under a new concept of “a place of 100-year memories of modern and contemporary history and culture” and has reopened from April. This Village was firstly opened to the public in 2017 and had been used as workrooms and exhibition spaces for artists during the Seoul Biennale of Architecture and Urbanism 2017.

The most outstanding feature of the reopened Donuimun Museum Village is that it has completely changed into a place that anyone is allowed to enjoy exhibitions, performances, markets and daily hands-on education programs throughout the year while leaving 30 houses intact as they are so as to obtain its original identity as a “living museum village.” The Seoul Metropolitan Government introduced details of contents by space on April 3 so that visitors are able to fully enjoy the Village.

After the Seoul Metropolitan Government designated the Donuimun Museum Village as a zone for the Urban Environment Improvement Project in 2003, it was planning to demolish all houses in the Village to redevelop it as a neighborhood park. However, in 2015 the plan was reexamined and changed to maintain the Village and its historic value as the first neighborhood where ones encountered in the west gate (former Seodaemun) of the Seoul City Wall. According to the new plan, 40 houses out of 63 were maintained and repaired, and spacious gardens and yards were created at sites where some old houses were demolished. Narrow alleys and staircases that are in harmony with the terrain of the hilly areas have also been preserved.

The Donuimun Museum Village consists of three themed zones: The “Village Exhibition Hall” (16 houses) where the history of the former neighborhood of Saemunan and the analog sensibility of the previous generation are alive; The “Hands-on Education Hall” (9 houses) where anyone are allowed to learn the modern and contemporary cultural arts at old hanoks, or traditional houses; and The “Community Art Studio & Gallery” (9 houses) where exhibitions and workshops that meet the concept of the village are held by artists in residence.

In addition of insides of the houses, every corner of the 9,770 square-meter village, including the gardens and yards, alleys and walls, serves as exhibition halls and playgrounds. Visitors may take a village tour that is held every day by docents who wear school uniforms that students in the 1960s and the 1970s used to have.

Meanwhile, a two-day event to celebrate its reopening will be held in the Village from April 6 to 7. Seoul Street Performance Group’s performances of popular music in the 1960s and 1980s and diverse retro games, such as playing with rubber bands and hopscotch, will take place at the yards of the Village. Visitors may join the “stamp tour” so to look around exhibitions throughout the Village and put stamps at some designated places. Citizens who will visit all six places in the Village and find out their “mission papers” can receive calligraphic works of family motto written by calligraphic masters. During the two-day event, simple meals and some snacks will be sold at food trucks. Visiting the Donuimun Museum Village this weekend would be a satisfying outing for both men and women of all ages.




Sharing parking lots gain popularity; the city’s financial support to be expanded

  • As of the end of 2018, a total of 666 parking lots with 19,091 parking spaces in the city are currently joining the sharing parking lot project
  • Seoul to expand its support to secure additional 1,200 parking spaces this year by attracting daytime sharing parking lots in addition to all-day and nighttime sharing parking lots
  • Building owners who share parking lots may receive up to 25 million won for the improvement of parking lot facilities and receive a reduction in the traffic inducement charges according to their performance
  • The sharing parking lot project has a huge budget-saving benefits: It costs at least 50 million won to create a single parking space in Seoul, but an average of 440,000 won will be spent per sharing parking space

SEOUL, SOUTH KOREA, March 29, 2019 — Sharing parking lots are getting popular among citizens. The Seoul Metropolitan Government has started a project to share the parking lots from 2007, which shares spare parking spaces at the attached parking lots of the buildings with local residents. As of the end of 2018, a total of 666 parking lots with 19,091 parking spaces in the city are currently joining this project.

The Seoul Metropolitan Government plans to expand its support for participating building owners in order to secure additional 1,200 parking spaces this year. In the case of apartment buildings, so far, the city government had provided the financial support only when they share the parking lots at night or all day. However, from this year, up to 20 million won will be provided to the building owners for their parking facility improvements even if they offer the parking lots only during the daytime.

The sharing parking lots will be managed and operated by each autonomous district office or each district’s facility management corporation in an effort to address complaints about illegal parking cars and to prevent reckless applications only seeking for profits.

In addition, the Seoul Metropolitan Government will share its role with autonomous district offices to strategically secure additional sharing parking lots. They are committed to encouraging, especially, large super stores and corporate headquarters to share their parking lots at each branch of the store or the company. Public servants from each autonomous district office will directly visit schools, churches and neighborhood commercial facilities to attract their participation.

The reason why these sharing parking lots are gaining popularity is because it is a win-win project for everyone involved: Parking lot users are allowed to use parking spaces in a stable manner and in a cheaper way, while building owners who share parking lots may receive up to 25 million won for the improvement of parking lot facilities (20 million won for sharing only at night and 25 million for all-day sharing). The building owners are expected to get 20,000 won to 50,000 won monthly per parking space, and receive a 5 percent or less reduction in the traffic inducement charges according to their performance.

In addition, the Seoul Metropolitan Government will provide up to one million won in compensation insurance for a possible vehicle damage to help both building owners and parking lot users feel safe. Additional five million won each will be provided for the maintenance if the sharing parking lot is operated for more than two years.

The reason why the Seoul Metropolitan Government and the autonomous district offices are striving to expand the sharing parking lots is because this project has a huge budget-saving benefits. It costs at least 50 million won to create a single parking space in Seoul, but just an average of 440,000 won will be spent per parking space when they support the sharing parking lots.