Overseas Companies and Capital Attraction 'Seoul Investment Agency' Launches on the 7th... $30 Billion Investment Target by 2030

Market Analysis, Business Attraction, Investment Promotion, and All-in-One Package Support for Successful Settlement of Overseas Companies in Seoul
Establishment of a 'One-Stop Integrated Platform' with AI Chatbot Providing 24/7 English Investment Consultation Starting April

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 6th that it will officially launch the ‘Invest Seoul,’ an investment attraction dedicated organization (IPA) that will play a role in concentrating leading overseas companies and investment capital in Seoul, on the 7th.

‘Invest Seoul’ is a dedicated organization that provides an ‘All in One’ package supporting the entire investment attraction process?from market analysis for investment attraction, company recruitment, investment promotion, to the successful settlement of overseas companies in Seoul?directly by Seoul City for any overseas company interested in ‘Seoul.’ Mayor Oh Se-hoon has set a goal in the city’s master plan ‘Seoul Vision 2030’ to double foreign direct investment (FDI) from $17.9 billion in 2021 to $30 billion annually by 2030 as a core strategy to strengthen global city competitiveness, and is launching a full-scale investment attraction campaign.

Seoul City will strengthen the functions and roles of the existing ‘Invest Seoul Center,’ which was responsible for investment attraction support, and operate it as ‘Invest Seoul,’ planning to convert it into a separate funded institution in 2024. Along with renaming the Invest Seoul Center to ‘Invest Seoul,’ the organization will be expanded and reorganized from 2 teams with 15 members to 3 teams with 22 members.

In its first year of launch, this year, the focus will be on ▲‘strategic marketing’ that provides all information about Seoul’s investment environment 24/7, ▲customized ‘investment attraction campaigns’ conducted with continental investment teams, and ▲‘full-process customized support’ for foreign direct investment from investment consultation to corporate establishment.

First, to allow leading global companies and investors to learn about Seoul’s investment environment and reach out, comprehensive promotion will be launched. Starting in April, a one-stop integrated platform will be developed and operated where scattered corporate and investment information can be viewed in one place. Including AI consultation functions, professional English investment consultations will be available 24/7 without delay due to time differences, even from overseas.

Additionally, a ‘Seoul Global Investment Attraction Team’ composed of overseas venture capitalists (VCs) operating global funds will also be launched. This year, 10 investors from each continent will be appointed and operated, aggressively promoting Seoul’s investment environment worldwide by utilizing their networks. The ‘Seoul Global Investment Attraction Team’ is a pool of public-private experts related to domestic and foreign investment attraction. Following the appointment of three venture capitalists (VCs) operating their own funds from Europe, the Middle East, and the United States at the end of last December, 10 more members will be appointed this year. Considering strategic overseas investment regions, committee members will be allocated by continent, and they will play a role in discovering potential investment destinations in Seoul and connecting companies by leveraging their networks.

To ensure that interest in Seoul’s competitiveness and promising companies translates into actual investment, ‘targeted customized’ investment attraction activities will be actively carried out. Through domestic investment firms, startup support organizations, and related institutions, a database (DB) will be built by identifying 1,000 competitive excellent domestic companies in AI, bio, fintech, etc., and 300 potential overseas investors.

Based on this DB, Seoul City plans to provide customized information about Korean companies that potential investors may be interested in. To achieve practical results, a cooperative network with various related organizations such as global VCs and law firms will be formed to support each stage from investment discovery, investment review, investment IR, to investment completion.

For companies that have already completed investments, full support will be provided throughout the foreign direct investment (FDI) process to encourage reinvestment. For cases where individual companies want to invest, establish a corporation, or set up a joint venture, the ‘FDI All-in-One Package’ will support the entire process from office establishment, investment reporting, settlement support, to management consulting for foreign-invested companies, enabling global companies to successfully settle in Seoul.

Furthermore, a post-management business matching program will be operated to support overseas companies wishing to promote or expand business in Seoul by matching them with business partners, buyers, and investors based on their business interests, and linking incentives. Seoul City will confirm the needs of foreign-invested companies in Korea through the Korean Chamber of Commerce and Industry, embassies, and corporate offices, then promote matching in desired business fields, and will also accept applications anytime through the website. Through this, additional investments will be linked and supported with foreign investment incentives from Invest Seoul.

Hwang Bo-yeon, Director of Seoul City’s Economic Policy Office, said, “Invest Seoul is an essential function to secure Asia’s financial hub amid fierce global investment attraction competition,” and added, “We will continuously strive to make Invest Seoul a stepping stone for attracting financial companies relocating from Hong Kong to Seoul, advancing Seoul as a financial hub, and achieving $30 billion in foreign direct investment by 2030.”

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