Seoul, the vibrant capital of South Korea, is rapidly emerging as a global financial powerhouse. With ambitious plans and strategic initiatives, the city is well on its way to becoming one of the top 5 global economic hubs by 2030. Here are six key reasons why Seoul is a prime destination for international businesses and startups looking to expand into Asia.
1. A Global Financial Hub on the Rise
Ranked 10th in the Global Financial Centers Index (GFCI), Seoul has surged ahead of financial giants like Paris, Beijing, and Tokyo in 2024. With its thriving financial district in Yeouido and world-class ICT infrastructure, Seoul aims to break into the top 5 global financial cities by 2030. The city’s consistent focus on revitalizing its financial ecosystem has made it a top choice for international investors and businesses.
In a keynote speech at the Dubai Fintech Summit (DFS), a financial expo held at the Jumeirah Resort in Dubai, United Arab Emirates (UAE) in June, Seoul Mayor Oh Se-hoon emphasized, “We will make Seoul one of the top 5 global financial cities by 2030 by leveraging its human capital and city brand competitiveness.”
2. Attractive Incentives for International Companies
Seoul is rolling out the red carpet for foreign companies. Through Invest Seoul, the city’s investment promotion agency, international businesses are offered a range of incentives, including market research, incorporation assistance, and legal support. In 2023, Seoul attracted $14.7 billion in foreign direct investment (FDI), a significant 37% increase from the previous year, proving its growing appeal. In 2024, the city will focus on promising sectors like fintech, biotech, and AI, offering initiatives like the ‘Core 100’ and ‘Creative Core 100’ programs to support companies entering these industries.
The city also aims to bring in Asia-Pacific regional HQs of global companies and strengthen its industrial clusters. Through the FDI All-in-One Package, Seoul will offer comprehensive support for foreign companies looking to expand into its strategic industries.
Lee Hae-woo, head of the Seoul Metropolitan Government’s Economic Policy Office, emphasized Invest Seoul’s role in positioning the city as a top 5 global economic hub amid increasing competition. He said, “Invest Seoul is an essential organization for Seoul to leap forward as a global economic hub. We will actively pursue investment attraction sales activities in Seoul this year.”
3. Supportive Industrial Clusters and Office Space
Seoul is home to several thriving industrial clusters that foster the growth of strategic industries, including fintech, biotech, and AI. The city offers specialized office spaces in hubs such as the Seoul International Finance Office in Yeouido and the Seoul Biohub Global Center in Hongneung, creating ideal environments for innovation and growth.
These clusters are essential in helping companies scale their operations in Asia and establish a strong presence in Seoul’s dynamic market. Seoul also promises to expand office space in key clusters like the Seoul International Finance Office and Seoul Biohub Global Center to foster global company entry.
4. A Thriving Creative and Tech Ecosystem
Seoul is at the forefront of the creative and tech industries, gaining global attention as part of the “K-content” wave. The city’s new “Creative Core 100” program is dedicated to supporting top companies in content creation, gaming, and entertainment, providing them with the resources and support needed to expand globally. Moreover, Seoul is attracting tech unicorns from North America and the Asia-Pacific region, focusing on cutting-edge fields such as AI, biotech, and fintech. These efforts are shaping Seoul into a global hub for innovation and creativity.
5. Strong Global Partnerships
Seoul is proactively building global partnerships, positioning itself as a gateway to both the Asian and global markets. The city hosted the “Seoul Forward” briefing session in June 2024 in Hong Kong, attracting 100 companies interested in expanding into Seoul. By signing agreements with key players in the bio, medical, and AI industries, Seoul is solidifying its reputation as a strategic entry point for businesses looking to tap into the broader Asian market.
The city is also collaborating with international organizations, such as the Dubai Chamber of Commerce, and recently promoted its bio industry at the Bio International Convention in the US, showcasing Seoul’s incentives and infrastructure to global companies. By building strong partnerships and enhancing its international connections, Seoul is paving the way for its global ascent.
6. A Bold Vision for the Future
Seoul’s ambitious goal of becoming a top 5 global financial city by 2030 is backed by bold initiatives from city leadership. Mayor Oh Se-hoon has laid out a comprehensive plan to transform Seoul into an English-friendly city with improved housing and education for foreigners. This will make it easier for international companies to attract and retain top talent. With a strong focus on fostering innovation, collaboration, and global connectivity, Seoul is well on its way to becoming a premier destination for global business expansion.
For startups and growth-stage companies eyeing Asia, Seoul offers a dynamic mix of financial strength, cutting-edge innovation, and global partnerships. With its strategic location, supportive business environment, and bold vision for the future, Seoul is the ideal launchpad for success in Asia. Don’t miss the opportunity to be part of this thriving global ecosystem as Seoul climbs the ladder to become a top 5 global economic hub by 2030.
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