Advisors' help make Seoul attractive
Seoul Mayor Park Won-soon, seventh from left in the first row, stands with members of the Seoul International Business Advisory Council during a meeting at Seoul City Hall last year. / Courtesy of Seoul Metropolitan Government
By Kim Se-jeong
For the last 15 years, 25 internationally renowned global business leaders have gathered in Seoul every year to propose policy recommendations to the Seoul Metropolitan Government addressing problems facing the capital.
Issues that the Seoul International Business Advisory Council (SIBAC) members have touched upon vary, from boosting the tourism industry to dealing with the fast-aging population and making Seoul attractive to foreign investors.
Most of the recommendations were well received.
According to the city government, out of 279 recommendations, 239 have found their way into the city’s policies.
Seoul Bio Hub is the most recent example.
It was a recommendation two years ago from Dominic Barton, managing director of McKinsey & Company and chairman of SIBAC. He said that facing the fast-growing population, the city government should look closer into biotechnology.
The bio hub will be a cluster of biotechnology research institutes, private companies and hospitals in northeastern Seoul, scheduled to open next June. Everything from basic research to manufacturing will take place there.
Taking in a recommendation by Roland Busch, a member of Siemens’ managing board, who highlighted education for the elderly, the city poured in extra funds to expand senior education services, opening Dosim 50 Plus Center which helps senior citizens find jobs or engage in other activities.
A recommendation by Marco Tronchetti, the CEO at Pirellie & C. S.p.A., highlighted integration and innovation, which led to Seoul Innovation Park in northwestern Seoul. The park supports new startups and social companies.
In 2014, Antoine Frerot, the CEO of Veolia Environment in France, recommended that the city government take full advantage of its strong IT infrastructure in solving issues related to aging. Based on that, the city started providing the elderly with computer education.
This year’s SIBAC meeting will take place on Thursday and Friday in Seoul.
Under the theme of “Attracting Global Trend — R&D and Creative Industry,” the 25 participating members are expected to share their views and policy recommendations.
“The number of foreigners who are looking for job opportunities and who want to start their own businesses is increasing,” Mayor Park Won-soon said. “SIBAC’s recommendations will help the city government attract talented people and make the city more attractive to do business.”
SIBAC is an advisory committee organized to give the city government policy recommendations on various issues, such as business, urban infrastructure and culture.
Members are mostly high-profile business leaders, such as Forbes Publishing Company Vice President Christopher Forbes, AIG Global Consumer Insurance CEO Kevin Hogan and Sanjeev Gandhi, a member of the Board of Executive Directors of BASF responsible for the China and Asia-Pacific region.
The morning session on Friday will be open to anyone interested. For more information, visit economy.seoul.go.kr/archives/74123.