Academic circles started paying attention to the positive efforts made by the Gyeonggi Provincial Office for attraction of foreign hi-tech businesses under the leadership of Governor Sohn Hak-kyu. The Korean Association for Local Finance is holding the spring seminar on May 13 on the theme of The Roles of Local Governments for Invigoration of Local Economy. 

The seminar will be comprised of presentation of treatises and discussions on how to invigorate the local economy and attract foreign capital. Professors, leaders of civic organizations and government officials will participate in the event and thus it is expected that it will be a forum designed to formulate effective policies concerning attraction of foreign hi-tech businesses. 

Researcher Chang Hyun-gyu at the Gyeonggi Research Institute and Professor Sung Hyo-yong at Sungshin Women’s University will present treatises entitled Strategies for Attraction of Foreign Hi-tech Businesses Designed for Enhancement of National Competitiveness and Attraction of Foreign Capital and Opportunities for Invigoration of Local Economy, respectively. 

Professor Mo Sung-eun at the Local Government Officials Development Institute and Professor Ock Dong-suk at Incheon University will present treatises entitled Attraction of Private Capital for New Strategy of Local Development and BTL-Based Appraisal of Local Capital, respectively. 

Researcher Chang Hyun-gyu at the Gyeonggi Research Institute said, “Attraction of foreign-based hi-tech businesses is expected to bring multiple benefits such as creation of jobs, sophistication of the industrial structure, invigoration of the local economy, bolstered national competitiveness and improvement of the national image. The ongoing efforts for attraction of foreign hi-tech businesses by the Gyeonggi Provincial Office in close cooperation with businesses and their labor unions are a good role model recommendable for other provinces.” 

Professor Sung Hyo-yong said, “The significance of successful attraction of foreign direct investment is that it will help strengthen the national competitiveness through closer linkage between regions and invigorate the local economy. Both local governments and the central Government should do their best for maximization of positive effects of attraction of foreign direct investment.” 

The Gyeonggi Provincial Office has chosen to use the expression “attraction of foreign hi-tech businesses” rather than “attraction of foreign capital,” which may be misunderstood as foreign-based speculative capital. Since July 2002, when Mr. Sohn Hak-kyu was inaugurated as the third directly elected governor, the Office has attracted a total of $12.5 billion worth of investment from 56 foreign-based hi-tech businesses by March 2005 as part of the effort to create jobs and help bolster the national competitiveness.