On January 12 (Mon), Park Won Soon, the Mayor of Seoul, met with six financial representatives from Luxembourg, including Pierre Gramegna, finance minister of Luxembourg, at the mayor’s office and discussed ways to forge new financial partnerships.
In October 2014, the Seoul Metropolitan Government signed an MOU on economic cooperation with Luxembourg at Sevit Floating Islands, a cultural complex of three glowing islands in Hangang River.
Seoul Mayor Park discussed with his Luxembourg counterparts ways to strengthen the ties between companies in Seoul and Luxembourg, with regards to reciprocal investments, information exchanges, promotion of exchanges, and the development of the finance industry.
Luxembourg is the hub of Europe’s financial market as well as a financial powerhouse with the second highest ownership of global investment funds. Global companies, such as Amazon, eBay, iTunes, etc., have made inroads into Luxembourg along with Korean companies like Nexon, Hyosung, Doosan, and SK Broadband.