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  • Full-Scale Investment Promotions Targeting Global Financial and Economic Center, Hong Kong

  • SMG 2476

    Seoul Metropolitan Government has been making considerable efforts to introduce and promote its financial and investment climate to Hong Kong, the world’s leading financial and economic center, with its marketing efforts to attract global financial institutions gathering pace.

    On Wednesday, September 12th at 10AM (local time), Seoul City, in cooperation with the Financial Supervisory Service, hosted the ‘2012 Financial Hub Seoul Conference’ at the Hong Kong Conrad Hotel, in a bid to promote Seoul’s current financial investment climate on the wider world stage. On the day approximately 200 executives from seventy globally high-ranking financial institutions, including UBS, BNY Mellon, Bank of China, and Goldman Sachs among others, attended the conference.

    The city has been ambitiously making preparations with key financial infrastructural institutions, including IFC Seoul, so that by the year 2020 Seoul will emerge as one of the three financial hubs of Asia, and hosted this conference as leading foreign financial companies guided Seoul’s advancement.

    At the conference Seoul’s financial industries and the Yeouido Financial Center were the centerpieces of the presentation aimed at the world’s most reputable and influential financial institutions such as UBS, BNY Mellon, Bank of China, Goldman Sachs, etc. Other points that were vigorously promoted towards foreign financial companies included tax breaks, financial aid, relief, and financial regulations. Seoul also emphasized the fact that it has been making broad strides in becoming a global city leading the field of foreign investment by making improvements for foreign residents in terms of both their facilities and lifestyle, with new schools, apartment buildings, and medical facilities specifically designed for foreigners all under construction. Seoul’s improved living conditions for foreign investors, greater supply of housing for foreigners, and advanced medical facilities are all playing a hand in the sharply rising investment interest.

    That afternoon the government contracted a memorandum of understanding (MOU) with four companies – including two of the United Kingdom’s largest asset management corporations, namely, Hermes BPK Partners and Threadneedle Investments, China’s Bosera Asset Management, and the United Arab Emirates’ National Bank of Abu Dhabi – to collaboratively build financial centers in Seoul and Yeouido and secure its breakthrough as a financial center.

    • Threadneedle Investments’ and Hermes BPK Partners’ headquarters are both located in London, United Kingdom. The companies invest in stocks, bonds, and other investments totaling 91.2 billion and 25.1 billion pounds respectively.
    • China’s Bosera Asset Management headquarters is located in Shenzhen, China. The company invests in bonds, exchanges traded funds (ETF), and makes other investments totaling approximately US$ 30.8 billion.
    • The National Bank of Abu Dhabi, located in Abu Dhabi, is the Arab Emirates’ state bank, and currently holds assets worth 255.7 billion AED (Emirati Dirham), making it a worldwide financial institution.

    Having concluded MOUs with major global financial institutions, Seoul anticipates becoming the latest city to enter and advance into the global financial market as a financial center, and also looks forward to attracting interest from global leaders in finance in Yeouido’s market as well.

    Moreover, with the slowing of Europe’s and the US’s global finances, the Asian market is attracting ever more attention, raising expectations that global financial institutions will advance into Seoul due to the strong impression it has made with its efforts to foster itself as a financial hub and its forward investments