[Interview] Jung Wono, Seongdong-gu Mayor: "Seongdong-gu Job Market Grows for 5 Consecutive Years with Work-Life Balance"

Seongdong-gu, 16.6% Increase in Number of Business Employees in 2019 Compared to 2014, 5 Consecutive Years of Growth... Surpassing Seoul Average Since 2017 in Korea Employment Information Service Employment Insurance Statistics... Expected to Leap as a New Growth 4th Industry Hub with ‘Seongsu IT Industry and Distribution Development Promotion District’ Zoning Plan Decision

[Asia Economy Reporter Jong-il Park] “Institutional support for regional economic and job revitalization over the past eight years has led to substantial job creation.”

Jung Won-oh, Mayor of Seongdong-gu, said in an interview with Asia Economy, “Compared to 2014, the number of employees in businesses within Seongdong-gu increased by 16.6% in 2019, resulting in 25,412 new jobs.”

This is based on Seongdong-gu’s analysis of Seoul’s ‘2019 Business Survey Report,’ showing a 6.3 percentage point higher growth rate than the overall Seoul business employee increase of 10.3% during the same period. As of 2019, a total of 178,243 employees worked across 28,343 businesses in Seongdong-gu.

Mayor Jung, who made “job creation” his first pledge during his initial term in the 6th local election, has actively pursued corporate attraction and job creation through various regulatory reforms over the past eight years. As a result, not only do the above statistics show growth, but according to the Korea Employment Information Service’s employment insurance subscriber statistics, the number of insured employees, which was below the Seoul average until 2016, surpassed the Seoul average (166,941) in 2017 with 168,779 employees and has exceeded the Seoul average every year since.

Mayor Jung explained, “A city favorable for business is a city that creates quality jobs.” He added, “We revitalized Seongsu-dong, which was a semi-industrial area, through urban regeneration policies and supported corporate attraction by providing incentives such as floor area ratio relaxation, acquisition tax and property tax reductions, and shortening building use approval procedures.”

Thanks to these efforts, companies from various sectors such as Hyundai Glovis, Clio, and SM Entertainment have relocated their headquarters to Seongsu-dong. Fashion and gaming companies sensitive to the latest trends, including Musinsa, Krafton, and II Combined, are also preparing to move their headquarters to Seongsu-dong. The number of knowledge industry centers has significantly increased from 36 locations (housing 2,226 companies) in 2014 to 63 locations (housing 5,160 companies) currently, making Seongdong-gu a true economic hub of the northeastern region.

The future outlook for Seongdong-gu’s economy is also bright. According to the recently finalized and announced ‘Seongsu IT Industry and Distribution Development Promotion District’ unit plan, regulations on floor area ratio and maximum building height will be relaxed up to 1.2 times for the introduction of advanced industries such as Information and Communication Technology (IT) and Research and Development (R&D).

Mayor Jung stated, “This area is the only one among Seoul’s semi-industrial zones to apply the maximum relaxation of floor area ratio and height, which will promote large-scale, high-density development and attract advanced companies, transforming Seongsu-dong into a new growth hub for the 4th industrial revolution.” He continued, “Despite excellent transportation and location conditions, the Wangsimni Station area, which has been relatively slow to develop, has also begun the ‘Wangsimni Metropolitan Center Unit Plan Reorganization Project’ to grow it into a mixed-use hub for residential, commercial, business, and cultural activities.”

Seongsu-dong is home to about 340 social venture companies, forming the nation’s largest social venture valley and continuously growing as a sustainable innovative business ecosystem. Having invested early in nurturing social venture companies, Seongdong-gu is providing ongoing support at the district level, including hosting the 5th annual ‘Seoul Forest Social Venture Expo’ this year and establishing the nation’s first impact fund worth 2 billion KRW.

Mayor Jung Won-oh said, “We will continue to do our best to ensure that Seongdong-gu becomes a city favorable for business and a city where work and life develop harmoniously through policies that consider regional characteristics and changes in the external environment.”

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