Seoul Mayor Benchmarking Asian Financial Centers
By Do Je-hae
Staff Reporter
Seoul Mayor Oh Se-hoon will visit Singapore and Hong Kong from Friday to Tuesday to learn of the experiences leaders had there in establishing the two areas into the financial capitals of Asia.
"We are looking to learn from the two regions and incorporate these lessons in our policy-making endeavors," Yoo Yeon-sik, an official of the city's international relations department, said in a statement.
"As partners in leading Asia's growth, we want to solidify our collaborative relations with Singapore and Hong Kong."
In Singapore, Mayor Oh will meet with financiers, including Piyush Gupta, CEO of the Development Bank of Singapore (DBS), the largest bank in Southeast Asia in terms of assets. The mayor will also meet with Permanent Secretary Tan Tee How of the Ministry of National Development, as well as other top government officials.
Seoul is currently building an international financial hub in the Yeouido area. Likewise, Singapore has been working on its Marina Bay Financial Centre, the first phase of which will open in 2010.
Oh and his delegation will be in Hong Kong, Sunday, to discuss Seoul's on-going transformation into a financial center of Northeast Asia through globalization initiatives.
Seoul's Global Business Zone project offers administrative assistance to enterprises in various foreign languages. Currently, the downtown area near city hall, the financial center in Yeouido, LG Tower and the COEX building are designated as business zones.
The highlight of his Hong Kong visit will be the signing of an MOU with the Australia's Macquarie Group, an international provider of banking, financial, advisory and investment services, Tuesday. Based on the MOU, the Macquarie Group will expand its business in Seoul in exchange for expedited administrative assistance from Seoul City. Oh will also meet with CEOs of HSBC and JP Morgan and other top bankers to discuss the latest developments in Seoul's finance industry and seek their advice.
During the Financial Hub Korea Conference held in cooperation with the Financial Supervisory Services, the mayor made it clear he would provide incentives for foreign investors and introduce residential, cultural and environmental merits of living in Seoul.
Another main agenda item of the trip is to learn more about the urban development and public housing models of Singapore. An ardent supporter of incorporating art and culture into city life, the mayor will also visit the West Kowloon Cultural District (WKCD), a developing project currently underway to boast the culture and entertainment of Hong Kong.
During Mayor Oh's term, Seoul has emphasized benchmarking the best policy practices of advanced countries and promoting Seoul through large-scale international events. "The best way is the dispatch of city officials abroad to learn, while hosting international events to show the world what our city has," Oh said in a recent interview with The Korea Times.
Seoul will be the host city of the 2010 G20 Summit.