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  • Seoul`s GFCI rose sharply, sits at 28th

  • SMG 2844

    The financial competitiveness of Seoul City was ranked 28th, the highest position it has recorded since being assessed by the Global Financial Centers Index (GFCI), in the latest GFCI report published by the City of London Corp. on March 12. In September of last year, Seoul sat in 35th place, up 18 notches from the previous report. In the latest biannual report, Seoul rose by seven notches to highlight the considerable progress made by the city over the past year. Compared with the same period of last year, Seoul’s ranking increased by 25 places.

    In particular, Seoul was ranked third among Asian cities in a questionnaire that asked respondents to assess which cities were likely to become more significant as a financial hub in the next few years. The ranking proved that Seoul could become one of the three financial hubs in Asia and maintain its momentum towards increasing its ranking in future GFCI reports.

    The considerable progress in the past two GFCI reports was a result of the ‘Customized Overseas PR & Marketing’ activities carried out by Seoul City, city officials said. Such activities were responsible for raising the profile and awareness of Seoul’s financial competitiveness, which hitherto had been undervalued, to bankers and financial executives around the world.

    With the aim of making Seoul one of the top 10 financial centers in the world, the city plans to complete the construction of the Seoul International Financial Center earlier than scheduled and implement a variety of incentive measures.

    What is the GFCI?

    The GFCI is an index that measures the financial competitiveness of the major cities around the world and is commissioned by the City of London Corp. and produced by the Z/Yen Group. The biannual index is constructed by taking ‘online surveys’ of financial employees around the world and compiling data from some 50 institutions, including the International Institute for Management Development and the World Economic Forum, in terms of human resources, business environment, market accessibility, infrastructure and general competitiveness. The GFCI is considered the only special index for the measurement of the financial competitiveness of cities around the world. Since 2007, the GFCI has subsequently been updated every six months, and the biannual report has been published in March and September of each year.