Oh Se-hoon: "Opening the Era of 500 Trillion Won Seoul Economy by 2025... Hosting the 2032 Olympics"

Announcement of Economic Policy Pledges on the 17th... Prioritizing the Three Major Seoul Economic Festivals

Former Seoul Mayor Oh Se-hoon, a candidate in the People Power Party's Seoul mayoral primary, is speaking at the '1st Head-to-Head Debate for Changing Seoul' held on the 16th at the Baekbeom Kim Koo Memorial Hall in Yongsan-gu, Seoul. Photo by National Assembly Press Photographers Group

[Asia Economy Reporter Kum Boryeong] Former Seoul Mayor Oh Se-hoon, who is running in the April 7 Seoul mayoral by-election, claimed that he will open the era of a 500 trillion won Seoul economy by 2025 through the completion of the three major Seoul economic axes of the 4th Industrial Revolution. He also pledged to host the 2032 Seoul Olympics.

On the 17th, former Mayor Oh announced an economic policy pledge containing these details.

Former Mayor Oh first emphasized the three major Seoul economic axes of the 4th Industrial Revolution. He said, "It is no exaggeration to say that the industrial competitiveness of the capital Seoul lies in the fields of the 4th Industrial Revolution such as IT, finance, artificial intelligence (AI), virtual reality (VR), augmented reality (AR), Internet of Things (IoT), big data, and digital platforms," adding, "This is the direction Seoul's economy should aim for."

The three major Seoul economic axes include an axis centered on Gangseo~Guro~Geumcheon encompassing industries such as IT, biotechnology (BT), and nanotechnology (NT), along with educational and research functions in Dongjak and Gwanak, and financial functions in Yeongdeungpo; an axis formed by AI, IT, and financial functions centered on Seocho~Gangnam, extending to arts, sports, and cultural creative industries in Songpa and Gangdong; and an axis centered on Mapo~Yongsan~Dongdaemun focusing on culture, VR, AR, educational and research functions in Seodaemun, Jongno, Seongbuk, Gangbuk, Dobong, Nowon, and Gwangjin, as well as financial functions in Jung-gu and Jongno. Former Mayor Oh said, "Through the completion of the three major Seoul economic axes of the 4th Industrial Revolution, we will open the era of a 500 trillion won Seoul economy by 2025."

To this end, a Seoul-type regulatory free zone will be introduced. By designating a re-leap innovation strategy special zone, various location regulations will be abolished, and comprehensive support including finance, taxation, and funding will be provided as a package.

Former Mayor Oh explained, "Seoul must shift to a demand-centered 'prior permission, post regulation' system," adding, "We will create an environment where demanders themselves propose voluntary regulations like internal controls and boldly venture into new businesses."

Along with this, plans include establishing a Seoul regulatory integrated portal and introducing a Seoul-type fast track system to create a Seoul-type regulatory sandbox. Former Mayor Oh stated, "We will establish a Seoul-type regulatory negative system completely different from the Moon Jae-in administration's regulatory sandbox."

Former Mayor Oh also pledged to host the 2032 Seoul Olympics. He said, "Now, Songpa, where the 1988 Seoul Olympics were held, as well as Gangdong, are emerging as centers of cultural creative industries," adding, "Seoul, the center city of Northeast Asia's economic and cultural creative industries, will lead the bid to host the 2032 Seoul Olympics with the power of Tech+Art K-Culture."

This content was produced with the assistance of AI translation services.