Seoul City Announces 'Top 300 Promising Companies' to Foreign Investors

Proactive Response to Post-Corona Investment Demand... Connecting Investors in Cooperation with KOTRA Overseas Trade Centers

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government is promoting promising startups, small and medium-sized enterprises (SMEs), and venture companies to global investors through an untact (non-face-to-face) method. This initiative aims to alleviate the difficulties companies face in attracting investment due to the novel coronavirus disease (COVID-19) and to proactively respond to overseas expansion demands after the pandemic.

On the 26th, Seoul announced that it will publicly recruit the 'Top 300 Promising Companies in Seoul' until the 12th of next month. Selected companies will be introduced as promising companies with investment value recommended by Seoul, possessing innovative technologies and services, on the 'Seoul Investment Attraction Website (investseoul.org)' (in English, Seoul's Deal).

Any startup, SME, or venture company based in Seoul with ideas and products can apply. Applications can be submitted through the website along with business plans and other documents.

Seoul will select support targets through a comprehensive expert review based on each applicant company's business plan, investment attraction experience, and potential. Subsequently, detailed information such as the desired investment amount and investor types will be surveyed by September this year for the selected companies, and from October, the companies' data will be processed into visualized information and posted on the investment attraction website.

Additionally, in cooperation with 36 overseas trade offices of KOTRA, potential foreign investors will be identified, and information on the top 300 promising investment companies will be provided to investors to explore one-on-one matching opportunities. Through 'Invest Seoul Center,' Seoul's foreign investment promotion agency, video conference investment negotiation support between foreign investors and participating companies will also be provided.

Kim Ui-seung, Director of Seoul's Economic Policy Office, said, "Competitive companies with excellent technological capabilities are facing significant difficulties in attracting foreign investment due to a lack of networks, and these challenges have been exacerbated as investment plans scheduled amid COVID-19 have been postponed or canceled. We will strengthen administrative support to resolve mismatches between companies and investors and help our companies prepare ahead of investment demand after COVID-19."