Jung Wonoh: "Attracting the UN AI Hub to Yongsan... Making It a Global Gateway"

Plan to Make Yongsan a Hub for Five Key Industries

Apply Corporate Tax Reductions and Visa Exemptions

Create a 300 Billion Won G2 Step-Up Fund

Foster Yongsan as a Global Gateway

Jung Wonoh, the Democratic Party candidate for Seoul mayor, visited the Yongsan International Business District site at 11:00 a.m. on May 8 and declared his intention to attract the "UN AI Hub," a core base for global artificial intelligence (AI) governance. His plan is to transform the Yongsan area into a center for five key industries: AI, robotics, biotechnology, K-defense, and digital finance.

Jeong Wono, the Democratic Party candidate for Seoul mayor, is announcing his pledge on the 8th in front of the Yongsan Maintenance Depot site in Seoul. Photo by Yonhap News Agency

In addition, Jung announced plans to gradually build an ecosystem through global finance and venture capital. As the first stage, he will designate a small but strong R&D special zone, where corporate tax reductions, visa exemptions, and regulatory exemptions will apply, in order to concentrate research institutes and startups focused on AI and blockchain-based technologies. At the second stage, he plans to attract global venture capital firms to Yongsan to establish a virtuous cycle by linking ideas to investment and revitalizing industries. The third stage involves collaborating with the government to designate Yongsan as an AI-specialized Free Economic Zone.

Jung also promised to establish the Seoul Investment Corporation (tentative name) to set up a governance structure and provide intensive support for advanced startups. He plans to create a 300 billion won G2 Step-Up Fund, operated in matching with global venture capital firms, to help AI advanced technology startups in Yongsan grow. Additionally, he pledged to create the Yongsan REITs to return development profits to citizens.

Jung’s key campaign pledge, the "G2 Seoul Vision," aims to make Seoul the number one city for economic and cultural leadership in Asia by surpassing Tokyo and ranking in the top three of the Global Power City Index (GPCI) by 2030. The G2 Seoul vision is built on three pillars: space, talent, and industry.

In particular, Jung intends to foster Yongsan as the "Global Gate" to open the G2 leap among Seoul’s four special zones: Hongneung, Yangjae, Guro-Gasan, and Yongsan. In Jung’s vision for Seoul, Yongsan will serve four main functions: a platform for business transformation, an urban demonstration platform, a global gateway, and a base for investment attraction and market support.

Meanwhile, on the same day, Jung officially requested the party to establish a "Gangnam 4 Districts Special Committee" during the Democratic Party’s on-site Supreme Council meeting held in Songpa District. Party leader Jeong Cheong-rae responded, "It will be done immediately."

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