Seoul City Goes All Out to Attract Global Investment... Establishes Dedicated Affiliated Institution

Seoul Investment Promotion Foundation to be Established in September 2025
Consultation Completed with Ministry of the Interior and Safety... City Council Discussion Underway

The Seoul Metropolitan Government plans to establish the 'Seoul Investment Promotion Foundation,' a public institution dedicated to attracting investment, targeting the second half of next year. If established as planned, it will be the city's first new public institution in about seven years since the Seoul Tourism Foundation in 2018.

According to the Seoul Metropolitan Government on the 5th, the city recently completed consultations with the Ministry of the Interior and Safety regarding the establishment of the public institution 'Seoul Investment Promotion Foundation (Invest Seoul),' which will specialize in attracting global companies and capital. According to the establishment plan, the foundation aims to launch in September 2025, with a total project budget of 56.5 billion KRW over five years. A Seoul city official stated, "Consultations with the central government have been completed, and now we are preparing ordinances and legislation to launch the foundation," adding, "Consultations with the city council are at an initial stage, and we are building consensus."

The background for establishing the foundation is that despite Seoul ranking within the top 10 globally in urban competitiveness, there was no dedicated institution for attracting global investment. Currently, the Seoul Investment Agency (Invest Seoul) under the Seoul Business Agency (SBA) performs related roles, but it operates as a 'temporary headquarters' within the agency, which has been judged to have low external credibility. To attract overseas investment, it is necessary to be recognized as a reliable 'partner,' but under the current Invest Seoul system as an internal organization, it is difficult to convey the perception of a stable investment partner.

Unlike 'Invest Korea,' the national investment promotion agency (IPA) that targets investment attraction focused on non-capital regions and manufacturing industries, the Seoul Investment Promotion Foundation will promote investment attraction related to Seoul's specialized industries such as services and IT. Accordingly, Seoul and other regions will each pursue investment attraction, allowing for complementary functions, according to the city's assessment.

Once established, the foundation will analyze the economic status of major overseas investor countries and develop investment attraction strategies specialized to Seoul's strengths. Furthermore, it plans to apply differentiated incentives to attract overseas companies' branches and international organizations, and select promising Seoul-based companies to support global IR activities.

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