Attract investment

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Data base date : February 8, 2017

A city with vitalized economy, we will discover a sustainable engine for  new growth in the future.

1. Establish a state-of-the-art industry cluster

We will focus on making “Green City Magok” a “base for the innovation of knowledge industry” which integrates high-tech convergence technology R&D cluster, botanic park and residential complex.

We will develop DMC into a hub of digital innovation industries where IT and digital media meet while also enhancing the competitiveness of Seoul’s financial industries through the clustering of Korean and foreign financial institutions in Yeouido.

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Business Outline

  • Magok district will be a sustainable and creative R&D complex based on the convergence of high-tech industries (IT,BT,GT,NT).
  • Stop providing the remaining DMC land and proceed with the facilitation of the complex.
  • Make Yeouido a financial hub through the clustering of Korean and global financial companies

Business Plan

Create a hub of digital creation

  • Remaining land for building multiplex facilities to realize the vision of DMC (complete the provision of land)
  • Fortify the capacity of enterprises in DMC and support the establishment of a self-sufficient, organization-based industry cluster
  • Activate tourism by making use of cultural contents (form the Hallyu Star Street, etc.)

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Fortify Seoul’s competitiveness in the financial industry.

  • Transform Yeouido into a financial hub through Korean and foreign finance with the completion of IFC Seoul
  • Hold brief sessions on foreign investment and IR for individual enterprise by strengthening cooperation with related organizations (Financial Commission, Financial Supervisory Service, National Pension, etc.).
  • Lay a foundation to develop Seoul’s financial industries through legal adjustments

Making Magok Industrial Complex a new business center of Seoul

  • An environment-friendly district equipped with research facilities, commercial facilities, residential facilities and a botanic park
  • Creating an industrial ecosystem for the win-win relationship between large companies and SMEs
  • Forming an international industrial cluster based on networks of global R&D centers and research institutes

2. Activate the attraction of foreign investment

Customized investment-attracting activities and investment-friendly environment will be fostered to enhance the vitality of Seoul’s economy and create sustainable jobs through the expansion of foreign direct investment (FDI).

Business Outline

  • Strengthen the growth foundation through the active attraction of foreign investments (project cost: KRW 1.588 billion)
  • Attract multinational corporations that have not yet entered the Korean market as well as leading companies in new growth engine industries (including IT convergence) to expand new investments while solidifying the foundation
  • Identify and resolve management difficulties to expand investments from foreign enterprises that have already entered the Korean market

Business Plan

Conduct customized activities for investment attraction

  • Conduct customized briefing sessions on investment attraction depending on each industry and region
  • Create a foundation to attract local headquarters (redesign of incentives, etc.)

Make multi-communication channels to enhance the business environment.

  • Identify and resolve business difficulties through the Foreign Investment Advisory Council, onsite visits, blogs, and other two-way communication channels

Enhance the investment environment by establishing infrastructure for education

  • Enhance the competitiveness of prestigious foreign schools in the city and support the operation of non-OECD member foreign schools

Seoul Metropolitan Government’s Investment Environment

Attractive business environment, center of East Asian economy

  • Seoul is within 2 hours’ travel from Beijing, Shanghai, Tokyo, Osaka, and other major East Asian cities and 3 hours’ travel from 43 cities with more than a million population, making it a “1-day business zone.”

Solid real economy and domestic market

  • With the main international organizations expecting the Northeast Asian economy to grow to equal the size of EU and NAFTA by 2020, Korea ranked 7th in the world in terms of world export in 2013, 9th in population among OECD member countries, and 14th in GDP based on Korea’s competitive manufacturing business, making it one of the major economic countries in the world recognized continuously for its growth potential.
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World-class IT infrastructure

  • Korea’s world-class IT information competitiveness
  • Ranked  No. 1 in e-government evaluation in the world

Convenient, state-of-the-art transportation infrastructure

  • Seoul is equipped with very convenient public transportation infrastructure for business. Along with Incheon International Airport, known to many as the best airport in the world, the Korea Train Express (KTX), which has enabled half-day travel for all areas in the country, finely webbed subway with 9 lines that connect all corners of Seoul, and central bus roads that prevent any traffic jam form the advanced and systematic public transportation system.
  • State-of-the-art airport that connects to all corners of the world

A source of quality manpower

  • Korea’s superior human resources are considered the main growth engine behind Korea’s IT, ship building, electronic, and automobile industries’ world-class development. In addition, major universities in Seoul have MBA courses conducted in English to operate exchange programs with schools abroad, cultivating quality brainpower who will play critical roles in the advancement of Seoul.