[HIT Forum] Seoul Mayor champions city’s growth as global business hub

Seoul Mayor Oh Se-hoon speaks at The Korea Herald HIT Forum held at the Korea Chamber of Commerce and Industry in Seoul on Thursday. (Lee Sang-sub/The Korea Herald)

Seoul Mayor Oh Se-hoon on Thursday delivered congratulatory remarks at The Korea Herald HIT Forum, expressing his commitment to ensuring that Seoul continues to evolve as an attractive "global business hub" for current and future investors.

"Korean companies have expanded their global presence across diverse fields, including high-tech sectors like semiconductors and electric vehicles as well as K-culture, energy and finance," Oh said during the forum held under the title "Business Diplomacy: Navigating business through mega election year" at the Korea Chamber of Commerce and Industry in central Seoul earlier in the day.

"In the past, the Korea-US summits primarily focused on topics concerning North Korea's nuclear disarmament and national security. But this time, I recognized the growing importance of economic security, particularly through issues related to cutting-edge technologies like semiconductors and biotechnology."

To drive this trend, the Seoul Metropolitan Government launched "Invest Seoul" in 2022 under Mayor Oh's leadership.

The comprehensive initiative aims to attract and support foreign investment, enhancing Seoul's status as a business hub by offering various resources and incentives to international investors and companies. In its first year, the initiative successfully attracted $10.7 billion in foreign direct investment, with the amount rising to $14.7 billion the subsequent year.

"Seoul has actively worked to position the city as an attractive global business hub to investors. Such efforts are gradually paying off, with the city increasingly drawing the attention of investors worldwide," Oh insisted.

"Particularly in the financial and insurance sectors, Seoul has demonstrated its immense investment potential by achieving record-breaking results. This success reflects Korean companies' exceptional capabilities, our commitment to fostering a business-friendly environment and our proactive efforts in attracting investment."

The mayor further explained that Korean companies are wielding more influence than ever before in today's landscape, emerging as key players in diplomacy and driving economic, social and global change. Given the shifting geopolitical dynamics and the upcoming US presidential election, Oh asserts that business diplomacy is now essential, rather than optional.

"We do face several challenges ahead, including supply chain reorganizations driven by rising protectionism, industrial transformations due to AI and digital technology, and shifting consumption patterns due to demographic changes. Yet, I view these challenges not as crises but as opportunities for advancing corporate diplomacy."

Oh insisted that diplomacy now encompasses economic dimensions crucial to national prosperity, and businesses are central players.

"I hope today's (HIT) forum will guide us in developing innovative strategies to address these challenges and sustain growth."

The mayor committed to supporting Korean companies as they navigate the global stage and vowed to make Seoul an increasingly attractive city for business and investment.

By Kim Hae-yeon(hykim@heraldcorp.com)