How 'Invest Seoul' Supports Global Investment in South Korea’s Economy
Invest Seoul is a Foreign Investment Promotion Agency established by the Seoul Metropolitan Government to attract global companies and foreign investment into Seoul. Since its launch in 2022, Invest Seoul has helped support leading enterprises and fostered a thriving investment market.
Using current knowledge, experience, and networks, Invest Seoul provides valuable assistance to foreign investors aiming to launch successful businesses abroad and collaborate with domestic institutions. Here are some ways the company is an invaluable resource for those looking to enter the South Korean market.
Network with Global Investors
With over 1,000 startups in Seoul, Invest Seoul helps to provide startups with customized information and support during the initial stages. They organize online and offline conferences, forums, and seminars where businesses can connect with foreign investors and companies.
Events such as "Invest Seoul Day" invites foreign-invested companies, investors, and investment-related organizations to promote Seoul's investment environment and allow businesses to gain exposure, exchange ideas, and establish business partnerships. As a novice company, the CEO of Lutonics, Korea's leading scalp care brand, credits their participation in such exposition events to being able to network and promote their brand to buyers.
Promoting Investment Overseas
Invest Seoul is also crucial in providing information about global investors and industries. Last year, the company published a comprehensive industry analyst report on five core Seoul industries (FinTech, AI, Robotics, Bio/Medical, and Smart Mobility) to attract and inform global businesses, demonstrating their extensive knowledge to potential investors.
Invest Seoul's lucrative global relations help them to connect clients with overseas companies and receive financial support. One way they do this is through matching investment, which pairs international investors with domestic experts in their industries. The company provides step-by-step execution support to international businesses, including showcases to attract global companies, aftercare legal advice, and support for new employees.
Foreign Investment Support
In addition to customized support, Invest Seoul offers financial assistance to international partners. One of their initiatives, the FDI All-in-one Package, covers legal expenses for corporate establishments and acquisitions and provides management consulting and settlement support services.
Invest Seoul's International Finance Office also helps to support office spaces, conduct market research, and organize networking events with financial professionals. The office actively seeks out rising companies to support marketing operations and ensure global companies remain informed and financially supported through subsidies and assistance.
dSPACE is an example of a foreign company that came to Seoul via Invest Seoul's program. A global leader in solutions for autonomous driving and e-mobility, dSPACE took advantage of Invest Seoul's "all-in-one package program" to receive subsidies for establishing their company alongside the "consulting service program" to obtain grants for professional services. The financial assistance helped jumpstart their company in South Korea and capitalize on the dynamic business climate.
Looking to the Future
South Korea's current robust economy exhibits an upward trend of growth and stability. With the support and promotion of international commerce by Invest Seoul and its counterpart companies, South Korea ranks 10th in global startup ecosystems. The country's central location in Northeast Asia, well-developed infrastructures, international brands, and ongoing investments for the future make it an optimal site for business.
This year, Seoul launched the Seoul Vision 2030 Fund with the plan to invest five trillion won in promising startups and SMEs over the next four years. The program aims to attract multinational companies and a talented workforce to establish a startup-scaleup support system and position Seoul as a leading global city.
With a focus on expanding globally, Invest Seoul serves as a valuable resource for international businesses looking to enter South Korea's economy. Through the guidance of experienced partners, comprehensive market insights, and strong government relations, Invest Korea supports foreign companies in navigating Korea's regulated business environment to ensure they excel in the growing global market.
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