Seoul mayor vows to turn Yeouido into int'l financial hub with tax cuts for foreign firms

LONDON, March 15 (Yonhap) -- Seoul Mayor Oh Se-hoon has vowed to turn the city's Yeouido district into an international financial hub by building a large-scale global financial facility and cutting taxes for foreign firms.

Oh, who was in London as part of his four-nation trip, unveiled the plan during a conference jointly hosted by the Seoul city government and the London Stock Exchange on Tuesday in the British capital.

Seoul plans to build a financial support facility that has a total size of about 50,000 square meters, equal in size to seven international standard football fields, the mayor said, as part of the broader strategy to nurture Yeouido into an international financial hub.

The district of Yeouido in Seoul now houses the national financial watchdog, Financial Supervisory Service, along with 28 big-name stock brokerage firms and other financial investment companies.

As part of the strategy, the city is pushing for a law revision that would grant tax benefits to foreign financial companies setting up business in Yeouido, including 50 percent cuts in acquisition and property taxes, and a three-year exemption from corporate income tax, the mayor noted.

The city government also plans to expand medical, educational, administrative and other support catering to foreign investors and foreign financial employees in Yeouido to help them better adjust to the city, he added.

pbr@yna.co.kr
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