FT Asia Financial Centres Summit Welcome Address
I would also like to thank the Financial Times for arranging this Summit.
Seoul has rapidly grown into one of the biggest cities in the world in a short period of time.
Now it has the world’s 10th largest population, and 5th largest Gross Regional Domestic Product.
Since the 1988 Seoul Olympic Games, and the 2002 FIFA World Cup Games, Seoul transformed itself into an open city reaching out to the world.
Today Seoul tries its best to become a more livable, business-friendly and truly international city.
Korea’s financial industry was reborn after the 1997 financial crisis and Seoul has been at the center of this rebirth.
Seoul is the financial hub city in Korea.
Seoul accounts for about 35 percent of the total employees in Korea’s financial industry.
In addition, the financial industry takes up about 17 percent of Seoul’s total GRDP.
As Mayor of Seoul I have constantly kept in mind that in the 21st century only cities which meet global standards of excellence can succeed, and I have done my best to raise every aspect of our city’s life to match those standards.
Out of the 6.8 billion dollars foreign businesses invested in Seoul last year, 54 percent was concentrated in finance and insurance.
This demonstrates Seoul’s rising status as a financial hub in Korea.
Seoul is already drawing attention from the world as a potential financial center and it will strengthen its position as a regional financial hub, with the growth of the bond and asset management markets.
The Korean Government and Seoul Metropolitan Government are making efforts to develop Seoul as a financial hub in the region.
The Korean Government has eased financial regulations that have held back the growth of the industry.
It is also endeavoring to lower the entry barriers in financial fields.
These efforts are producing tangible results with the introduction of a Law on Consolidated Capital Market scheduled for this year.
For its part, Seoul Metropolitan Government is providing various incentives to foreign investors such as employment subsidies to promote foreign investment in all areas including finance.
Seoul Metropolitan Government has been actively involved in such projects as the Seoul International Finance Center in its bid to build a sound financial infrastructure.
Today, I would like to give you a few reasons why Seoul has a great potential to become a financial hub.
First of all, Seoul is located at the heart of Northeast Asia, surrounded by huge markets including China and Japan.
No less than 43 cities of over 1 million population can be reached from Seoul within two hours by plane.
In addition, Seoul has a large domestic market with a metropolitan area population of 25 million, including 10 million residents in Seoul alone.
This vast market is closely connected, based upon Korea’s IT infrastructure, the best in the world.
Seoul is also renowned for its e-government.
Recently the United Nations ranked Seoul top in its evaluation of large cities’ e-government practices for the second consecutive year.
Seoul also boasts a large pool of talented people who are diligent and passionate.
Korea was ranked 5th in the world in terms of human resources according to a survey conducted by consulting firm Deloitte & Touche in November 2005, and 6th in a report issued by Deutsche Bank Institute in August 2005.
Universities in Seoul produce more than 90,000 graduates every year.
Also about 40 percent of employees in Seoul have a Bachelor’s degree or higher.
This year a new Masters’ Degree Program in Finance was instituted, taught in English at KAIST to provide better trained manpower for the industry.
In terms of living conditions, I have made major improvements in Seoul.
Seoul’s mass transit system, especially the subway and median lane bus system has earned world recognition.
It received the 2005 Sustainable Transport Award by the Institute for Transportation and Development Policy at the 85th Annual Meeting of the Transportation Research Board held in Washington D.C. earlier this year.
This award testifies to the fact that Seoul’s transit system contributes to the improvement of air quality, and that fast and convenient transit services brings vitality to the urban living environment.
Seoul is an environment- and culture-friendly city.
The restoration of the urban stream, Chunggyechun, has aroused international interest, triggering a boom in urban stream restoration around the world.
The 115-hectare Seoul Forest dubbed “the Central Park of Seoul” opened last year, adding 330 hectares of green space in Seoul, newly created over the past 4 years.
Seoul has a great passion for culture.
Aiming to become an international cultural hub, Seoul plans to establish an opera house that rivals the Metropolitan Opera House in New York and the Esplanade in Singapore.
The culture of Seoul will offer a unique experience, blending the 600-year tradition with contemporary flair.
Seoul’s effort to become a financial hub of Asia has been successful so far.
Citibank and Standard Chartered acquired Korean commercial banks by making huge direct investments.
Prudential Financial relocated its Asian Headquarters to Seoul in January, where it covers the operations in Korea, China, Japan and Taiwan.
I believe an increasing number of financial institutions, local or foreign, will expand their business in Seoul.
There is still room for improvement.
And this conference will definitely play a role.
Once again, I would like to thank you for being here today
and I hope you provide us with candid opinions and suggestions for positioning Seoul as the financial hub of Northeast Asia.
Thank you.
Mayor of Seoul
서울특별시청 개요
한반도의 중심인 서울은 600년 간 대한민국의 수도 역할을 해오고 있다. 그리고 현재 서울은 동북아시아의 허브로서의 역할을 하고 있다. 서울시는 시민들을 공공서비스 리디자인에 참여시킴으로써 서울을 사회적경제의 도시, 혁신이 주도하는 공유 도시로 변화하고자 노력하고 있다.
웹사이트: http://www.seoul.go.kr
연락처
Mr.Moonchul Han82-2-731-6851
