Korean Edition English Edition BT Industry Bio technology BT Industry Bio technology INVEST IN SEOUL SEOUL METROPOLITAN GOVERNMENT INVEST IN SEOUL SEOUL METROPOLITAN GOVERNMENT ICT.Digital content Industry Information & Communication Technology INVESTMENT ICT.Digital content Industry Information & Communication Technology INVESTMENT INVEST IN SEOUL INVEST IN SEOUL SEOUL METROPOLITAN GOVERNMENT 04 16 INVEST IN SEOUL SEOUL METROPOLITAN GOVERNMENT 32 44 Korea overcame economic hardships such as the foreign exchange and financial crises in a marvelously short period. On the basis of Asia is increasingly taking the core role in the global economy and Seoul is at the center. Seoul is the capital of history, Invest in the Future outstanding human resources and entrepreneurship, Korea is culture, tourism, and economy, emerging as a global leading city. It is growing into a field of business numerous global accomplishing continuous economic growth and securing new growth companies, as well as a hub that gives access to China and other global markets engines through innovations and the expansion of a creative economy. KOREA TOURISM ORGANIZATION Korea overcame economic hardships such as the foreign exchange and financial crises in a marvelously short period. On the basis of Asia is increasingly taking the core role in the global economy and Seoul is at the center. Seoul is the capital of history, Invest in the Future outstanding human resources and entrepreneurship, Korea is culture, tourism, and economy, emerging as a global leading city. It is growing into a field of business numerous global accomplishing continuous economic growth and securing new growth companies, as well as a hub that gives access to China and other global markets engines through innovations and the expansion of a creative economy. KOREA TOURISM ORGANIZATION Globally Recognized 1st in Global City of the Future FDI Magazine chose Seoul as the winning city of the Global Cities of the Future 2014/15 in a survey that drew up 130 emerging cities with a GDP per capita Urban Competitivenss below $35,000. The Best International Business Meeting 1st in World e-Government in 2014 Destination in 2014 Korea topped the World e-Government rankings in At the Business Travel Awards, an event hosted by 2014 for three years in a row, securing its prominent the reputable American tourism magazine position on the world stage. In the e-Government Business Traveler, Seoul was chosen as the Best Survey, the United Nations assesses 190 countries International Business Meetings Destination for by comparing their progress levels of e-governance three years consecutively. and ranks them. 6th in the Global Power City Index th 5 in the Ease of Doing Business Index For two years in a row, Seoul has held sixth place in Korea ranked fifth out of 189 countries in the Ease the Global Power City Index, which is announced by of Doing Business Index (Doing Business 2015) Mori Memorial Foundation in October every year. published by the World Bank in 2014. Korea has This index publication has been conducted since 2008 been rising in this index every year since it broke and is based on the assessment of 40 countries in six into the top ten with the eighth ranking in 2011, and categories including economy, R&D, cultural held seventh in 2013. exchange, and environment. 7th in the Global Finance Centers Index (GFCI) Seoul, the Heart of the Korean Wave Seoul ranked seventh in the Global Finance Tourists who visited Seoul in 2013 totalled 12 million, Centers Index in 2015, hosted by the city of London making the city tenth in the world in regard to the with an assessment of the potential of global number of tourist visits and sixth in regard to tourism finance cities by Z/Yen Group. revenue. Also, K-pop and Korean dramas are growing to be extremely popular in Asia and other countries. Business Environment of Seoul 3~4hours 2~3hours The Center of a Highly Populated Market 1~2hours Beijing East Asian Pacific region, including Korea, is growing Tianjin Seoul rapidly as the region accounts for 45% of the interna- tional economic growth and 25% of the world GDP. Taking its central position, Seoul is forming a huge consumer market where there are 393 million people and more than 30 cities with a population of over 5 million people within a three hour's flight. (*Source: World Bank East Asia Pacific Economic Update April, 2014) Center of Investment in Korea Seoul, where 20% of the total Korean population and 26% of the total foreign population reside, is acknowledged as the center of Korea in all aspects such as politics, econo- my, and culture. It is home to a large number of the head offices of conglomerates and research institutes as well as universities which provide excellent human resources. In Korea, Seoul is the most common choice for foreign investors given that it accounts for 42% of the number of investments made in Korea, and that it is where 49.7% of foreign-invested companies are located. of FDI value in Korea of FDIs made in Korea Preferred Center of by Foreign Business Environment of Seoul Investment Companies of foreign-invested Center of Global companies of foreign residents Business City Invest in Seoul Invest Expansion in Economic Territory Due to the Increasing Number of FTAs Korea has effectuated FTAs with 52 countries around the world, whose economic scales in total account for 74% of global GDP. Korea is the only Asian country that has entered into FTAs with all three economic powers: the EU, the US, and China. This will offer more business opportuni- ties to companies that have established corporations in Korea as well as those who are consid- ering investment in Korea. (Source: MOTIE) EU Canada EU Korea-China-Japan United States Korea China Japan Turkey GCC Vietnam Mexico Israel India Colombia ASEAN Singapore RCEP Peru Central America Ecuador Indonesia Maleisia MERCOSUR Australia Chile New Zealand Business Environment of Seoul In effect Signed/concluded Under negotiation (11 treaties) (4 treaties) (2 treaties) In the process to resume Preparation for negotiations negotiations (5 treaties) or joint research (4 treaties) in Seoul Invest Vision of Seoul The Seoul Metropolitan Government plans to secure growth engines for the future by developing IT and other cutting-edge convergence industries, creative industries, and urban specialized industries based on the Economic Vision 2030: Creative Economy Model for Seoul, and to ensure all Seoul citizens share economic outcomes together based on social values of regional cooperation, public interests, and welfare. These will enable the city to make more jobs, lead the world, and realize a Seoul economy ensuring the welfare of all the citizens. Changdong/Sanggye/Hongneung History & Culture Tour MICE Heart of research and education on Heart of the downtown creative economy future growth engines Establishment of the four major downtown Establishment of the four major new growth bases creative economy bases ㆍChangdong–Sanggye: town for new businesses ㆍBase of international tour in Jongno–Gwanghwamun ㆍHongneung Research Complex: smart aging R&D ㆍBase for the global business of finance and BS cluster DMC & Seoul Innovation Park ㆍBase of downtown-specific industries such as jewelry, ㆍKwangwoon Univ. Station–Seoul TP: high-tech Base for the innovation printing and fashion clothes industrial complex for the Northeastern Area’s of the creative culture industry ㆍDesign and fashion industries around the DDP in convergence industry Promotion of the four major global Dongdaemun ㆍCheongnyangni–Wangsimni–Seongsu: industrial creative innovation clusters triangle for the northeastern area’s specific indus- ㆍSangam DMC: advanced digital media industry tries ㆍSinchon/Hongdae–Hapjeong belt: special district for the creative culture industry ㆍSeoul Innovation Park (SIP), Bulgwang: mecca of Changdong social innovation for creative economy Sanggye ㆍEstablishment of the Danginri Culture Creation De- Heart of world velopment Center cultural heritage sites Downtown Cheongnyangni Sangam Wangsimni Susaek Yongsan Magok Yeouido Gangnam Yeongdeungpo Jamsil Heart of international finance Heart of international business Magok & G-Valley Base for the sustainable growth Gasan of the Seoul economy Daerim Vision of Seoul Establishment of the four major old & new bases for growth ㆍInfrastructural development of the Gasan–Daerim Digital Valley Samseong–Jamsil ㆍInfrastructural development for traditional manufacturing industries Heart of global business in semi-industrial towns including Onsu, Yeongdeungpo, Mullae, Guro, and Geumcheon Establishment of the four major MICE ㆍYeouido as a base of international business based on the financial knowledge service bases BS industry 3 downtowns & 7 areas– ㆍTeheran–Poi Valley advanced ㆍHub of the convergence industry (Magok R&D New Town Project) centered economic vision in ㆍMobile convergence space in Gaepo Invest in Seoul Invest connection with the Seoul ㆍCOEX–Jamsil to be the International Exchange Complex Plan 2030 ㆍFuture business complexes in Munjeong and other towns Business Environment of Seoul Test Bed Market That Includes Early Adopters with High Purchasing Power: “Success in Korea can be followed by success in the world.” The population of Seoul stood at 10,369 million as of the end of 2014, which accounted for 20% of the nation’s entire population of 50,948 million. And that of Greater Seoul Area including Seoul and its surrounding Gyeonggi Province came to 22,288 million, i.e. 47.3% of the entire popula- tion. Korean consumers, who have sophisticated consuming patterns and high purchasing power, are very interested in new products and technologies, and such information quickly spreads among them through the advanced Internet infrastructure. For this reason, Korea is getting the attention of Microsoft, ebay, Siemens, P&G, and other global companies as a test bed Best Choice for Foreign-invested Companies to Locate an Asia-Pacific Regional Head Office Seoul is home to 7,736 foreign-invested companies, accounting for approximately 50% of the total foreign-invested companies nationwide.