Seoul Mayor Oh Se-hoon Expands Economic and Political Reach, Says "Political Turmoil Will Stabilize in 1-2 Months" (Summary)

Starting with Economic Organizations, Monitoring Economic Situation Daily
Meeting Foreign Investment Firms to Restore External Trust
Long-term Investment Commitment... "Forming Strategic Think Tank"
Strengthening Political Messages... Notable Change in Impeachment Stance

Seoul Mayor Oh Se-hoon stated, "The political turmoil is expected to stabilize within one to two months at most." This is to convey to foreign investment firms that Korea remains a stable investment destination amid concerns over declining external trust due to the martial law situation and impeachment crisis. Having been the first among metropolitan leaders within his party to express support for impeachment the previous day, Mayor Oh is also expected to deliver political messages as a potential presidential candidate.

On the morning of the 13th, Mayor Oh held a meeting with representatives of foreign financial and investment firms at Seoul City Hall, saying, "I believe foreign companies planning to invest in Seoul have been more concerned than ever due to recent events," and added, "Seoul City is devising extraordinary measures across all economic sectors."

On the morning of the 13th, Seoul Mayor Oh Se-hoon held a meeting with representatives of foreign financial and investment firms at Seoul City Hall, listened to their difficulties, and discussed measures to restore external trust. Photo by Seoul City Hall

The meeting was attended by Seo Young-hoon, Chairman of the Korea Foreign Enterprises Association; James Kim, Chairman of the American Chamber of Commerce in Korea; Philip van Hoof, Chairman of the European Chamber of Commerce in Korea; as well as Roberto Mauro Pascal, Korea representative; Solomon Musuyurajeo, Korea representative; and Fr?d?ric Bellemin, Chief Operating Officer of Kyobo AXA Asset Management.

Mayor Oh told them, "Despite many internal and external concerns, Korea is swiftly regaining stability under the firm principles of democracy and the rule of law." Referring to Seoul’s rise to 6th place in the World City Comprehensive Competitiveness Index by the Morig Foundation in Japan on the 11th, up one rank from last year, he emphasized, "Seoul remains one of the safest cities globally and an attractive investment destination due to continuous industrial support policies."

He also introduced policies Seoul City has pursued so far. Starting with the 'Seoul Vision 2030 Fund,' which promises an investment of 5 trillion won, he explained investment activities in creative industries, AI (artificial intelligence), and the bio industry, stating, "We are also actively promoting the attraction of global talent in advanced industries."

He forecasted additional mid- to long-term investments. Mayor Oh said, "We will establish and operate a Foreign Investment Solutions Center within 'Invest Seoul,' a dedicated organization for attracting global companies and capital, to address difficulties faced by foreign-invested companies," and added, "We will form a think tank for strategic advice on foreign investment attraction and establish the 'Seoul Investment Promotion Foundation' next year, the first dedicated investment attraction agency among local governments." This indicates plans to build diverse networks and focus on attracting investments specialized in Seoul’s strategic industries.

He predicted that the current political turmoil would stabilize within one to two months. Mayor Oh believes Korea can demonstrate to the world its resilience by overcoming the current political and economic difficulties swiftly and restoring stability in a short period.

Mayor Oh plans to prioritize addressing economic issues as the Mayor of Seoul. Starting with economic organizations on the 10th, he met with the tourism industry and autonomous districts, showing an attitude that Seoul City must cover blind spots caused by government operational confusion. Shortly after the martial law situation, he stated, "As Mayor of Seoul, I feel a heavy responsibility for stabilizing citizens' lives," and pledged, "Seoul City will establish public service discipline and make special efforts to ensure political neutrality among public officials." This reflects his intention to fulfill his responsibilities as Seoul Mayor amid the chaotic political situation.

At the joint emergency economic meeting with 25 autonomous districts held the previous day, he said, "In a situation where national stability may be difficult for some time, Seoul City and autonomous districts must prioritize the livelihood economy and citizen safety, and steadfastly focus on their core duties," adding, "Regardless of political ideology or party affiliation, everyone must unite to alleviate citizens' anxieties and do their best to restore the economy."

His political moves have also been notable. On the 6th, through a joint statement of the People Power Party’s city and provincial governors’ council, Mayor Oh opposed impeachment, but the previous day he reversed his position within a week, stating, "The People Power Party should impeach President Yoon Seok-youl as the party’s official stance," taking a firm stance. Being the first metropolitan leader within the party to express support for impeachment is interpreted as his willingness not to evade responsibility and role regarding the current situation.

He also criticized his party. Mayor Oh pointed out, "The president, who should resolve the issue, remains silent, and the party is divided." Targeting the internal party division over attendance and voting on impeachment, he said, "We must go beyond party interests and judge based on the future of the Republic of Korea," adding, "Because the stability and prosperity of Korea are more important than the party’s future."

Currently, Seoul City’s political affairs team is closely monitoring the political and public opinion situation. Political circles expect Mayor Oh to exert significant influence as a senior party member alongside his efforts to recover the economy as Seoul Mayor. A Seoul City official said, "Focusing on the livelihood economy and stabilizing citizens’ lives is the top priority," but added, "We will not postpone what must be done during this national crisis."

On the morning of the 13th, Seoul Mayor Oh Se-hoon held a meeting with representatives of foreign financial and investment firms at Seoul City Hall, listened to their difficulties, and discussed measures to restore external trust. Photo by Seoul City Hall

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