SEOUL – The Seoul Metropolitan Government (SMG) said on Monday that it has begun turning Yeouido, home to finance and investment banking businesses in Seoul, into a more English-friendly area in a bid to transform it into a global financial hub.
“In the long term, we are considering the possibility of making English the official language of Yeouido to attract foreign investment,” SMG official Kim Guk-jin said.
“However, this cannot be accomplished in the short term, so our immediate focus is on improving the living conditions for foreign employees of financial firms in Yeouido.”
The initial measure involved the installation of English signs.
In Yeouido, nine bilingual signs were transformed, shifting their emphasis from Korean words to English, and four more English signs were newly installed.
The SMG will also distribute English contracts to local real estate agencies and English medical questionnaires to hospitals in Yeouido later in August.
From September, the SMG will provide tablets with English menus to restaurants.
“We found that even in relatively large restaurants with tables for five or more people, they did not have English menus. We also observed the absence of English services in places such as real estate agencies and hospitals, causing inconvenience,” the official said.
Starting in October, the SMG will initiate English announcements on all buses that make stops in Yeouido.
English-language counters at commercial banks will be expanded as well.
“Woori Bank is already operating its English-language counter in Yeouido. We are also in discussions with Shinhan Bank, among other commercial banks, to expand this service,” added the official.
Plans are also in motion to establish an English-friendly library and an English children’s cafe in the Brighten Yeouido apartment building.
The SMG has earmarked the basement and second floors of this building, which are owned by the Yeongdeungpo district government, for the library and cafe.
Yeouido falls under the administrative jurisdiction of Yeongdeungpo in Seoul.
Nonetheless, discussions are under way between the city and the district government regarding the funding of the facility’s operational costs, estimated to be around 3 billion won (S$3.04 million) annually, according to industry sources.
The sources also said that Seoul Mayor Oh Se-hoon has shown a strong commitment to transforming Yeouido into an English-friendly environment for foreign investors.
He perceives a competitive disadvantage for Seoul compared with other global financial centres – including Singapore – which operate in English as their official language.
In March, the city greenlighted a comprehensive plan to revamp Yeouido as a Financial Special Development Promotion Zone, with the overarching aim of creating a dedicated area primed for attracting foreign investment.
The city is committed to spending a substantial sum of 59.35 billion won over the next five years to transform Yeouido.
In addition to creating an English-friendly environment, its flagship project includes the launch of a Digital Financial Support Centre in Yeouido, aimed at nurturing financial technology companies.
The SMG plans to complete the construction of the centre by March 2027, with an injection of 29.4 billion won in funding.
Meanwhile, dissenting voices have suggested the endeavour is allocating an excessive portion of the city’s budget to make it more foreigner-friendly.
“Those employed in financial firms in Yeouido are already proficient in English. Therefore, questions arise about why budgetary resources should be directed towards creating an English-friendly environment,” said a member of an SMG review committee during a February meeting convened to assess the project.
In response to these concerns, the city government underscored the significance of fostering an English-friendly environment to attract more foreign financial firms to engage in business in Korea. THE KOREA HERALD/ASIA NEWS NETWORK
