SOUTH KOREA's capital Seoul hopes to turn into an Asian financial hub by becoming a more foreigner-friendly city with better policies.
Seoul Mayor Oh Se-hoon said he hoped to achieve this by offering a full range of support services ranging from housing to education and attract more financial talent and foreign capital to the capital.
According to a Korea Times report, the South Korean capital has been losing its attractiveness as an investment destination due to a wide range of factors, including strict regulations, an unattractive tax regime and the inflexible labour market.
Feeling a sense of urgency to shift strategies, Oh has drawn up a master plan for the city government's policy direction over the next decade.
He had said that turning Seoul into a leading financial hub of Asia is a core part of his Seoul Vision 2030.
The mayor also believes that to increase the capital's financial competitiveness, improving Seoul's attractiveness as a destination friendly to foreign workers and businesses was the most crucial.
Using London, New York, Hong Kong and Singapore as role models and also as competitor cities, Oh said the city government will set up the Invest Seoul Centre dedicated to this goal next year.
Modelled after the Government of Singapore Investment Corporation (GIC), the centre will be in charge of all plans and procedures to attract domestic and foreign investment.
"The Invest Seoul Centre will be a city-level body specialising in investment tailored to Seoul," Oh said in a discussion session with Jeffrey Jones, the chairman of American Chamber of Commerce (AMCHAM) in Korea's Board of Governors.
The session was organised by The Korea Times and the Seoul Metropolitan Government recently.
"Based on the characteristics and strengths of Seoul, it will oversee all processes from pre-work to increase Seoul's charm as a city to invest in, to the establishment of investment plans, contact with companies, activities to induce their investment and support for the companies' activities here," Oh said.
Oh was Seoul's mayor from July 2006 to August 2011, and was re-elected in a by-election last April.
He is planning to seek another four year term in local elections that will be held next June.
He said financial competitiveness was key to Seoul's competitiveness, with businesses gathering and money flowing, and technologies and information will revitalise the economy and create jobs.
Unfortunately, Seoul's financial competitiveness has declined considerably over the past decade, according to the mayor.
"I made all out efforts to make Seoul a good place to invest during my former term between 2006 and 2011, and the ranking of its financial competitiveness rose from 50-something to sixth.
"However it fell again, especially sharply since 2016, and has remained around 20 to 30."