Yeouido, an 'English-Friendly City'... Oh Se-hoon: "Public Spaces in Reconstruction to Foreign Institutions"

Seoul Mayor Oh Se-hoon Holds Meeting with Accompanying Reporters in Abu Dhabi
"Communication Must Be Possible in English to Ease Burden on Foreign Companies"
Discussion on Utilization of Public and Shared Spaces Emerging from Reconstruction

Seoul Mayor Oh Se-hoon announced plans to transform the Yeouido area, the domestic financial hub, into an 'English-friendly city.' The rationale is that creating an environment where all daily communication can be conducted in English will reduce the entry barriers for foreign companies. In particular, public spaces generated through the reconstruction of the Yeouido area will also be provided to institutions and personnel coming from abroad.

On the 9th (local time), Mayor Oh held a meeting with accompanying reporters at a hotel in Abu Dhabi, United Arab Emirates (UAE), stating, "Dubai's city ranking has rapidly risen, and while low corporate tax rates are a factor, the 'English-friendly environment' played a very significant role," revealing this plan targeting Yeouido.

Seoul Mayor Oh Se-hoon, who was on a business trip to the United Arab Emirates (UAE), held a meeting with accompanying reporters at a hotel in downtown Abu Dhabi on the 9th (local time). [Photo by Seoul City]

Last year, Seoul City began administrative procedures such as prioritizing English over Korean on signs introducing tourist spots in Yeouido, distributing English contracts for real estate, and English medical questionnaires in hospitals. The plan also includes establishing English-friendly kids' cafes and English-friendly libraries used by both foreigners and locals.

On this day, Mayor Oh emphasized, "Only when all communication is possible in English can foreign companies enter without burden and invest," adding, "This is an undeniable fact." He further explained the background of this initiative, saying, "If we have set the goal of making Yeouido an international financial hub, regardless of corporate tax rates that the central government can handle, local governments should do what they can."

To make Yeouido an 'English-friendly city,' the approach was divided into hardware and software aspects. Mayor Oh elaborated, "The software involves creating an English-friendly city by nurturing fintech specialists at the Graduate School of Digital Finance and fostering startups through fintech labs."

On the hardware side, he cited 'providing space' as essential. For example, the logic is that Yeouido will become a cluster only if there are offices or residential areas where foreign companies can enter cheaply. In particular, Mayor Oh added, "Fortunately, reconstruction is actively underway in Yeouido now," and "We plan to utilize the public and shared spaces emerging from this to create spaces where financial institutions and personnel coming from abroad can settle."

At the 'Dubai Fintech Summit,' a representative expo of the UAE held on the 6th, Mayor Oh also unveiled plans to focus on creating an 'English-friendly city' to support the foreign population. He emphasized, "I believe Seoul's strengths lie in 'human capital' and 'city brand,' and ultimately, the answer is capable talent," adding, "Seoul will move toward becoming an English-friendly city for the foreign population and pay attention to improving living conditions for foreigners, such as expanding foreign schools and hospitals."