This photo provided by the Seoul Metropolitan Government shows the financial district of Yeouido in the city.,
SEOUL, Nov. 12 (Korea Bizwire) — The Seoul Metropolitan Government has embarked on a mission to attract global financial agencies and enterprises as part of its efforts to become a global financial hub.
The city government announced Thursday that it will invest about 241.8 billion won (US$205 million) over the next five years to attract foreign financial institutions and businesses.
First off, the city will change the name of Invest Seoul Center, a sub-organ of the Seoul Business Agency, to Seoul Board of Investment (SBI) and strengthen its role and responsibilities.
Businesses that come through the SBI will be entitled to various benefits including language support and livelihood assistance, office space and rental fees, and business consulting.
The city will also open up the Seoul International Financial Office in Yeouido next year to rent out office spaces to foreign financial businesses for up to five years and subsidize rent by as much as 70 percent.
By 2025, the city plans to integrate various agencies related to the financial industry, including the Seoul Fintech Lab, to establish the Seoul Digital Financial Support Center.
Seoul also plans to increase incentives for foreign investors. Starting next year, the city will boost recruiting subsidies from 50 to 200 million won.
In areas designated as foreign investment zones, the city will subsidize rent from the previous 50 percent to as much as 75 percent.
The city will engage in urban planning to establish foreign schools and residential areas to better accommodate foreign investors in Yeouido.
Ashley Song (ashley@koreabizwire.com)
