Ministry of Planning and Investment
FOREIGN INVESTMENT AGENCY
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Monday, 24/06/2024
Regional Information
Seoul City, Korea to establish an Investment Promotion Agency in 2023
Thursday, 30/09/2021 04:26
Seoul City, Korea to establish an Investment Promotion Agency in 2023

Seoul City, Korea will establish a Seoul Investment Promotion Agency in 2023 with the goal of improving its competitiveness and making Seoul a financial center in Asia and Top 5 globally by 2030 from 17th position today.

Recently,  at the announcement ceremony of Vision Seoul 2030, Mayor  of Seoul City Mr.Oh Sae Hun announced that they would establish a Seoul Investment Promotion Agency in 2023 with the goal of improving its competitiveness and making Seoul a financial center in Asia and Top 5 globally by 2030 from 17th position today.

The establishment of the Seoul Investment Promotion Agency is based on the results of discussion and cooperation between Mayor  Oh Sae Hun and 44 experts in economic sectors in May 2021. Seoul will prepare a budget of 4.16 billion USD over 10 years to realize the above goal, including turning Yeouido into a global financial Center, DongDaemun into a fashion center, and organizing Seoul Festa from 2022 in order to promote culture and tourism, reduce greenhouse gas emissions by 40% by 2030 compared to today.

Accordingly, Seoul City will set up an organization in charge of  attracting foreing investment onto the city. That remind us of  various Investment Promotion Agencies (IPAs) in Vietnam located in some provinces such as Quang Ninh, Da Nang. Moreover, Vietnam has many private IPAs operating like enterprise but we have the same functions of promotiong foreign investment.

As mentioned abobve, the Invest Seoul Center is a foreign investment promotion agency established by the Seoul Metropolitan Government and operated by the Seoul Business Agency to transform Seoul into an attractive global business city with abundant investment opportunities.

They have missions of promoting the investment environment of Seoul to attract leading global companies and discover promising companies in Seoul and link them to global companies to form financial and strategic  partnerships, thereby facilitating the quantitative and qualitative growth of industries and enterprises while creating quality jobs.

Based on their extensive knowledge and rich experience, they provide multi-stage support programs optimized for the needs of foreign investors, in collaboration with specialized institutions from various industries, private-sector experts from various fields, and the central government.

Furthermore, the Invest Seoul Center endeavors to faithfully serve as a reliable investment platform, creating constructive value for investors, enterprises, and partners in addition to industries based in Seoul. They are going to be a faithful companion both to foreign investors who seek to invest in the future of Seoul as well as business in Seoul that are aspiring to become global companies.

With detailed plan and mutual commitment, the Invest Seoul is expected to develop strongly.

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