Seoul Ranks 8th Globally as a "City Favorable for Startups"
Mayor Oh Sehoon Announces Full-Scale Deregulation to Support Entrepreneurs
Seoul Mayor Oh Se-hoon has announced plans to create an environment conducive to entrepreneurs by eliminating regulations.
On June 13, Mayor Oh mentioned on Facebook that Seoul ranked eighth in the world as a "city favorable for startups," and stated, "What truly holds back real entrepreneurs are the complex and outdated corporate regulations."
He continued, "Starting this year, the Seoul Metropolitan Government is launching a full-scale drive to eliminate business regulations. We will listen to voices from the field in cooperation with organizations such as the Korea Chamber of Commerce and Industry and the Korea Federation of SMEs, and will actively seek cooperation from the National Assembly and the central government. My vision for Seoul is a stage where entrepreneurs with potential and possibilities can fully unleash their talents."
Mayor Oh also analyzed the factors behind Seoul's high ranking as a city favorable for startups. He wrote, "Following last year's ninth place, Seoul has made the global top 10 for two consecutive years, and I am especially proud that we have surpassed Singapore and Tokyo, which are considered Asia's leading startup cities. Seoul received consistently high scores in areas such as funding, knowledge accumulation, ecosystem activity, market entry, creative experience, and talent development. In particular, Seoul ranked first in Asia for funding, which was recognized as world-class competitiveness."
Mayor Oh added, "In 2023, we established the 'Seoul Vision 2030 Fund' to invest in future industries and boldly expanded the fund's size to 5 trillion won by 2026, which proved to be effective. Notably, while major cities saw a significant decrease in exit (investment recovery) volumes due to the global economic downturn, Seoul actually recorded an increase, demonstrating the vibrancy of its startup ecosystem."
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