¢Ã Seoul Out to Attract Foreign Capital

Korea Times 2001. 4. 13

Seoul City is rolling up its sleeves to attract foreign investment for the city's major development projects.

Seoul Mayor Goh Kun met with Akira Kiyota, president of Daiwa Securities Sumitomo Mitsui Banking Corporation (SMBC) yesterday afternoon to discuss ways for foreign investors to participate in various city projects, such as the construction of subways, roads, and hotels. Daiwa Securities SMBC is the third largest stock company in Japan, with a capital of over 200 billion yen.

The projects available for investment include an ultramodern ``Digital Media City'' for various digital, media and information-technology (IT) related industries in Sangam-dong, northwestern Seoul, construction of subway line No. 9, stretching from Kimpo Airport to Panpo, and the building of a 12.4 km section of the Kangnam circular highway that connects Shihung- dong to Umyon-dong in southern Seoul.

The development plan for deluxe hotels across a 5,000 pyong (one pyong equals 3.3 square meters) site in Yoido and construction of affordable ``residential hotels'' for foreigners in Hannam-dong, central Seoul, are other projects open for foreign capital. They will be up for bidding in late May.

`` Daiwa Securities SMBC is showing great interest in our various projects,'' said a city official, adding they will promote more opportunities to attract foreign capital for major city investment projects in the future.