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  • Mayor Park Won Soon holds meeting with US assistant secretary of state for the Bureau of East Asian and Pacific Affairs

  • Economy & Investment News SMG 4118

    On September 22, Mayor Park Won Soon had a meeting with Daniel Russel, US Assistant Secretary of State for the Bureau of East Asian and Pacific Affairs.

    Mayor Park also attended the 2014 Financial Hub Seoul Conference held at the New York Marriott Marquis, which was co-hosted by the Seoul Metropolitan Government and the Financial Supervisory Service. He explained Seoul’s financial and investment environment to New York’s most prominent financial institutions and encouraged active investment in Seoul.

    At the conference were over 100 high-level associates from 60 global financial companies, including JP Morgan, BNY Mellon, and Morgan Stanley. Participants showed great interest in the financial policies of Seoul and engaged in an active debate.

    Vice President Eric H. Hoffman of AON Korea gave a presentation on the various advantages of the Korean financial market, including financial business in Seoul from a foreign financial executive’s perspective and life in Korea for a foreign resident. President John Whitaker of AIGGRE, who is in charge of rental and operations at IFC Seoul, actively promoted the benefits provided for businesses that move into the IFC.

    In order to attract foreign investors, Seoul City also took care to emphasize Seoul’s qualities as a global city, highlighting the foreign schools, rental apartments for foreign residents, and foreigner-specific medical services established for the enhanced convenience of the city’s foreign residents.

    In a private meeting with Chairman Michael O’Neill of Citigroup, Mayor Park encouraged the chairman’s interest in financial investment in the Seoul Metropolitan Government. He also signed an MOU with BBCN Bank, the largest Korean-owned bank in the US, in support of financial hub policies and cooperation in creating a financial center in Yeoui-do. With headquarters in Los Angeles, BBCN Bank is the largest Korean-owned bank in the US, with 50 branches. It was selected as part of the “Best Banks in America” rating by Forbes magazine in 2014.

    In order to transform itself into a global financial hub in East Asia, Seoul City has designated Yeoui-do as a key international financial district and built IFC Seoul, its most important facility. Seoul City has also devoted a great deal of effort in terms of policy on the entrenchment of Yeoui-do as a financial authority both in Korea and abroad.

    ※Financial investment information sessions held
    ’09 Hong Kong․Singapore, ’10 London, ’11 New York, ’12 Hong Kong, ‘13.4 China (Shanghai), ‘13.9 Australia (Sydney, Melbourne)

    Mayor Park Won Soon stated, “Through this year’s Financial Hub Seoul Conference held in New York, which is home to many global financial institutions, we sufficiently communicated the message that Seoul is a highly attractive location prepared to become an Asian financial hub. We expect this conference to be an opportunity for those in the financial sector to consider using Seoul as a way to expand into Asia.”