Incheon City Signs Friendly Cooperation MOU with Frankfurt, Germany, the 'European Financial Hub'

Establishing New Hong Kong City and Regional Banks to Build a Network for Promoting Asia's New Financial Hub

Yoo Jeong-bok, Mayor of Incheon (fifth from the right), and Peter Feldmann, Mayor of Frankfurt, Germany, are taking a commemorative photo with attendees after signing the memorandum of understanding at the 'Friendship and Cooperation MOU Signing Ceremony' held at Incheon City Hall on the 4th. [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Incheon City has opened the door to exchanges by forming a global partnership with Frankfurt, Germany, the financial hub of Europe.

This is the first move by the 8th-term city government, which is pushing to leap forward as a new financial hub city in Asia through attracting overseas financial institutions and establishing regional banks.

On the 4th, Mayor Yoo Jeong-bok signed the 'Incheon City - Frankfurt City Friendship and Cooperation Memorandum of Understanding (MOU)' with Peter Feldmann, Mayor of Frankfurt, Germany, at the reception room of the city hall.

Also present at the event were Shim Jae-seon, Chairman of the Incheon Chamber of Commerce and Industry, Jin Yong-jun, Korea Representative of Messe Frankfurt, Ulrich Caspar, Chairman of IHK Frankfurt, and Eric Menges, Chairman of the Frankfurt Rhein-Main Economic Development Corporation.

This MOU signing was promoted together with the Incheon Chamber of Commerce and Industry to strengthen friendly cooperation with Frankfurt, a European financial hub city, build a network for strategic industry exchanges between the two cities, and secure momentum for Mayor Yoo’s pledge to build New Hong Kong City and establish a regional bank.

In particular, Frankfurt is a city that Mayor Yoo strategically focused on as a European base city, starting with signing an MOU with the Frankfurt Book Fair Organizing Committee in 2014 when he was mayor during the 6th term. Peter Feldmann, who visited Incheon this time, was the mayor of Frankfurt when Mayor Yoo visited Frankfurt in 2014, marking their reunion after eight years.

Through the MOU, the two cities agreed to cooperate in the fields of economy, finance, and science based on mutual respect and trust. They also agreed to jointly strive to promote private exchanges in culture, sports, and tourism and to implement mutually beneficial projects.

Following the MOU signing ceremony, the Frankfurt delegation visited Samsung Biologics and Celltrion to discuss collaboration plans for building a global bio-industry ecosystem. They also toured the Economic Free Zone Authority’s PR center, Jung-gu Open Port, and Wolmi Park to experience Incheon’s development, history, and culture.

Frankfurt, the largest city in the German state of Hesse, is the center of Germany’s economy and finance as well as a key aviation and transportation hub. It is an international business and exhibition city hosting numerous international organizations and companies, including the German Federal Bank, European Central Bank, and stock exchange.

Incheon and Frankfurt share commonalities as cities with representative airports in Europe and Asia and international organizations, and close cooperation is expected in the future regarding the promotion of financial hubs.

Mayor Yoo said, "I would like to refer to Germany’s advanced credit and relational financial systems in promoting the construction of New Hong Kong City and the establishment of a regional bank, which are major pledges. I hope the two cities will continue to cooperate in various fields such as strategic industries like bio and the MICE industry."

Peter Feldmann, Mayor of Frankfurt, stated, "We will actively cooperate with Incheon in the fields of economy, finance, and science, and I would like to invite a delegation from Incheon to Frankfurt next year to commemorate the 140th anniversary of Korea-Germany diplomatic relations."

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