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  • Seoul Metropolitan Government Targets $40,000 in Per-capita GRDP by 2020

  • SMG 2030

    Seoul Mayor Oh Se-hoon announced the blueprint for its 2020 Seoul, Smart Economic City initiative on May 12. 2020 Seoul, Smart Economic City consists of a mid-to-long-term vision and strategy designed to enable Seoul’s economy to continue growing in tune with global industrial trends based on a diagnosis of the current situation of the regional economy.

    2020 Seoul, Smart Economic City was conceived from a mid-to-long-term perspective based on advice given by the Seoul Economic Vision 2020 Advisory Group, which is composed of 113 experts drawn from academia, industry, city council members, and central government officials, and on policy consultations with the central government and other bodies.

    Under the 2020 Seoul, Smart Economic City program, the Seoul Metropolitan Government aims to increase Seoul citizens’ per-capita GRDP from the current $23,000 to around $40,000 by 2020, by investing a total of 6.2366 trillion won. Accordingly, the City Government has decided to mobilize all the available policy resources in the areas of infrastructure, R&D, cultivation of human resources, capital and marketing.

    Mayor Oh said, “Korea achieved the Miracle of the Hangang in the 1960s and 1970s, and the Miracle of Information Technology in the 1980s and 1990s. Our future will see the ‘Miracle of the Seoul Economy,” adding, “The City Government will do its best to establish Seoul as a world-class leading city of economy where all its citizens feel happy, and will earn global recognition by realizing the goals of the 2020 Seoul, Smart Economic City program.