On May 17, 2019 (Fri.), Seoul hosted the Foreign Investment Advisory Council (FIAC) Meeting, a meeting comprised of overseas investment business CEO’s, consultants, lawyers, and professionals from various circles, at the Westin Chosun Seoul.
The FIAC is an advisory group that was formed by Seoul in 1999 for the revitalization and attraction of foreign investors that contributes to the growth of Seoul through the attraction of investments, construction of startup ecosystems, and consultation on municipal matters.
After its establishment in 1999, the FIAC held 49 meetings (as of May 2019) and has addressed matters such as, ▵a global financial hub take-off, ▵plans for attracting global, local headquarters, ▵plans for attracting investments and revitalization of Magok, ▵plans for DMC revitalization, and ▵implementation plans for the global, top 5 startup cities.
It was concluded that Seoul must essentially and preliminarily maintain its status as a “global testbed city” where innovative businesses and talented individuals gather and where bold challenges are made in a time of endless global competitions.
At this meeting, Seoul received advice from members, including fifteen global investors, on projects such as the “Seoul Global Challenge” and “Testbed Seoul” that the city is promoting to heighten its status as an innovative city and to foster the growth of innovative businesses.