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  • Seoul to become a foreign-friendly investment destination

    SMG 1948
  • Chief executive officers of multinational firms and foreign investors have presented a development plan to the government this month, aimed at helping the Korean capital rank within the world’s top five cities, Seoul City has announced.

    The plan calls for boosting the momentum for attracting foreign investments, improving living conditions for foreigners, and improving policies regarding green growth and women issues, it noted.

    Seoul City said it sought to draw up reform plans based on corporate experiences during the 41st Foreign Investment Advisory Council (FIAC) meeting held at City Hall.

    The local government formed the FIAC in 1999 in order to improve foreign investment conditions and spur foreign direct investments through the council comprised of multinational CEOs. The council has 30 members, including heads of foreign business chambers and lawyers.

    Seoul City said the FIAC members provided useful advice on 103 subject matters, such as the Digital Media City, Cheonggyecheon (Stream), Foreign Investment Zone, and the Hangang Renaissance Project, thus contributing to the capital’s development plans.

    The latest meeting took utilizing a structure different from the meeting held in May. Seoul City said the 41st meeting called for meetings to be categorized into four areas in order to hold more focused and specialized discussions for more effective improvements. The four categories were: competitiveness of the city, living environment, green growth, and women’s issues.

    Seoul Mayor Oh Se-hoon and about 20 distinguished local and foreign investors, accompanied by the directors of each relevant government department, sat together exchanging various opinions and engaging in productive discussions.

    Seoul City said the meeting served to form a cooperative plan with substantial strategies and methods for invigorating foreign investments.

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