[INTERVIEW] Ruling party's Seoul mayoral candidate vows to make city global economic hub

Ruling Democratic Party of Korea's candidate for the April 7 Seoul mayoral election Park Young-sun speaks during an interview with the Hankook Ilbo, the sister paper of The Korea Times, at her election camp office in Seoul, March 2. Korea Times photo by Lee Han-ho

By Jung Da-min

The ruling Democratic Party of Korea (DPK) candidate for the April 7 Seoul mayoral by-election has pledged to make the capital one of the world's top seven economic hubs through her economic policies.

Park Young-sun, who formerly served as the Moon Jae-in government's SMEs and startup minister, said that if elected she will maximize the competitiveness and potential of Seoul to make the city a global economic hub, based on her experience and capabilities as a veteran politician and her expertise in economic affairs.

"To that end, I propose issuing a digital currency, the KS-Coin, to make Seoul a blockchain hub; pushing to attract global companies in the bio-health field, especially at this time of a pandemic; strengthening the capabilities of startups and venture companies; and establishing a global fostering center to help foreign entrepreneurs easily settle in Seoul, among other things," Park said in a recent written interview with The Korea Times.

Specifically, Park said it was necessary to support and nurture growth in the bio-health industry in the time of a pandemic, as new infectious diseases other than COVID-19 could arise in the future.

"The spread of COVID-19 has had a huge impact on the bio-health market especially because the development, clinical testing and approval procedure for COVID-19 vaccines was not as smooth as could be hoped for," the former four-term lawmaker said.

She said U.S. pharmaceutical and biotechnology firm Moderna's CEO Stephane Bancel, with whom she held a video meeting before resigning from the ministerial post, said he was willing to invest in establishing a vaccine production plant in Seoul and carrying out vaccine research and development projects together with the government here.

"The establishment of such a bio-innovation plant would not only attract research and development projects and investment, but also serve as an opportunity for Seoul to grow into a global bio-health cluster," Park said.

The former minister also vowed to support young entrepreneurs in Seoul through the creation of a 1 trillion won ($886.3 million) fund to provide loans and grants. "Of the 300 Asian global leaders under the age of 30 selected by U.S. business magazine Forbes last year, 21 were Korean startup CEOs. I believe it was proof that our young people are talented with global capabilities."

Park said she would especially support global startups based in Seoul to encourage foreign students studying in the capital to work together with their Korean colleagues for global business projects.

"I will support foreign entrepreneurs who want to launch their businesses in Seoul, by simplifying the visa issuance process, and providing support in office leasing and living necessities," she said.

Park also wants Seoul to engage in closer cooperation with local and central governments in other countries as well as international organizations. To realize this, former Foreign Minister Kang Kyung-wha has joined Park's election camp as head of its international cooperation committee, according to her campaign office, Sunday.

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