Lecture by Chairman Mainelli Hosted by the World Economy Research Institute
Discussion on Enhancing International Creditworthiness and National Competitiveness
Oh Se-hoon Highlights Cooperation Between Seoul and Global Financial Cities
"Seoul's Strengths Lie in ICT Infrastructure and Human Capital"
On the 27th, Seoul Mayor Oh Se-hoon met with Michael Mainelli, Chairman of the global consulting firm Z/Yen Group, to discuss cooperation plans between international financial cities and Seoul. Mayor Oh stated, "We will create a business-friendly financial environment to lay the foundation for a 5% nominal growth rate."
Mayor Oh made these remarks while attending a lecture by Chairman Mainelli held at the Lotte Hotel in Sogong-dong in the morning, hosted by the World Economy Research Institute. Z/Yen Group annually evaluates the competitiveness of major cities worldwide in finance and smart technology sectors, publishing the Global Financial Centres Index, Green Finance Index, and Smart Centre Index, serving as a catalyst for development in related fields. Chairman Mainelli also serves as the Chairman of the London Chamber of Commerce and Industry.
On the 27th, Seoul Mayor Oh Se-hoon attended a meeting hosted by the World Economy Research Institute at Lotte Hotel in Jung-gu, Seoul, where he greeted Michael Mainelli, former Mayor of the London Economic Zone and Chairman of the Zhi Group, who was invited as a speaker. Photo by Yonhap News
The lecture was held under the theme "Strategies to Enhance Korea's International Creditworthiness and National Competitiveness, and the Role of Finance." Former Prime Minister Chung Un-chan, Vice Chairman Park Il-jun of the Korea Chamber of Commerce and Industry, and Lee Hang-yong, President of the Korea Institute of Finance, also attended.
In his congratulatory remarks, Mayor Oh highlighted Seoul's competitiveness and expressed its potential for growth as a global city. He said, "If London is in Europe, then the Republic of Korea, Seoul is in Asia," adding, "Seoul ranked 10th in the International Financial Centres Index published by Z/Yen Group." He further introduced, "Seoul has enhanced its financial competitiveness based on its world-class ICT infrastructure and abundant, talented human capital," and noted, "Seoul is home to the largest 'Seoul Fintech Lab' in Korea."
Seoul Fintech Lab, operated by Seoul City to nurture domestic fintech startups, has supported a total of 368 fintech startups since its opening in 2018, achieving cumulative investment attraction of 453.8 billion KRW by 2024. Representative graduate companies include 'Travelwallet,' a mobile-based currency exchange and remittance company selected as one of Forbes Asia's Top 100 Startups in 2024, and '8Percent,' Korea's first online investment-linked finance (P2P finance) company, which recorded a cumulative loan amount of 947.7 billion KRW as of March 2025.
Mayor Oh also revealed plans to support the revitalization of the financial market. He believes that financial advancement and strengthening international competitiveness are essential to turning crises into opportunities and building a Korea that grows again. Specifically, he promised to expand 'future industry infrastructure' and make 'bold R&D (research and development) investments.' Mayor Oh said, "By fostering financial innovation and fintech convergence and creating a business-friendly financial environment, we will lay the foundation for a 5% nominal growth rate."
Earlier, Mayor Oh had declared his intention to achieve a 5% nominal growth rate domestically through bold industrial policies, fiscal investment, financial revitalization, tax reform, labor reform, and regulatory reform. This is the concrete goal of the so-called 'KoGA (Korea Growth Again, a Korea that grows again)' slogan, which benchmarks the motto 'MAGA (Make America Great Again)' advocated by former U.S. President Donald Trump.
On this day, Mayor Oh also conveyed to Chairman Mainelli Seoul's willingness for close exchanges and cooperation with international financial cities. Mayor Oh said, "Seoul's goal is not just to be in the global top 10 but to be among the top five worldwide," adding, "We also look forward to strengthening cooperation with Z/Yen Group."
Meanwhile, Seoul ranked 10th in the 'International Financial Centres Index' analyzed by Z/Yen Group, which assesses the financial competitiveness of major cities worldwide. This ranking is higher than that of Paris, France (17th), and Tokyo, Japan (22nd), marking Seoul's achievement of entering the top 10 for three consecutive years since 2023. Seoul was ranked 36th in 2019 but steadily rose to 16th in March 2021, 12th in March 2022, and has maintained a top 10 position annually since 2023.
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