Go to Main Content

City News

A A
  • Seoul Metropolitan Government Steps up Investment Promotion in U.S.A., Global Center of Finance and Economy

  • SMG 1733

    The Seoul Metropolitan Government participated in the Korea-Maryland USA Bio Expo 2011 held in Baltimore for four days from November 1 (local time), and the 2011 Financial Hub Seoul Conference held in New York on November 3. At each of the events the City Government conducted a strategic marketing campaign, with the focus on promoting Seoul’s investment environment, attracting considerable attention from investors.

    One-on-one counseling with companies interested in investing in Seoul, Seoul Metropolitan Government’s investment briefing at the Shanghai Expo (May 2010)

    At the Korea-Maryland USA Bio Expo 2011, the City Government promoted the major investment inducement projects it is aggressively implementing, including the Magok Industrial Complex and Sangam DMC.

    By widely promoting the Magok Industrial Complex, which is being developed into a cutting-edge fusion and convergence R&D hub, the City Government conducted extensive premarketing campaigns aimed at attracting R&D companies based on next-generation growth engine industries, including the IT, BT, NT, GT and fusion and convergence industries, which will help invigorate the complex.

    At the 2011 Financial Hub Seoul Conference on November 3, the City Government introduced the construction of the Yeouido financial hub and promoted the financial investment environment in the Korean capital.

    The City Government explained various features of Seoul’s status as a global city, including the foreign schools, rental housing and medical facilities for international residents that are currently under construction as part of a drive to improve foreigners’ residential environment and lifestyle convenience, and thereby enhance the foreign investment environment. It also signed an MOU on cooperation for the establishment of a financial hub with Pyramis Global Advisors, which has shown keen interest in advancing into Seoul.

    Under the MOU with Pyramis Global Advisors, the Seoul Metropolitan Government is expecting global financial institutions to move into Seoul and expand their operations into Korea. The City Government is also anticipating that the agreement will help increase foreign financial institutions’ interest in the Seoul International Finance Center, and enable them to accelerate their move into the center, which will open in November.

    The City Government expects these efforts will convey a positive image of the City, as Seoul is striving to cultivate a financial hub at a time when the Asian economy is fast emerging amid a slump in global finance in Europe and the U.S.A. It is also seeking to step up its investment inducement activities and encourage global financial institutions to expand their foray into Seoul.