Incheon signed an MOU with the city for friendship and cooperation in mutual strategic industries and seeks to attract the new financial hub in Asia.
By attracting foreign financial institutions and establishing a regional bank, the 8th elected municipal administration of Incheon seeks to make thecity a new global financial hub of Asia. As a part of its efforts, the cityentered into a global partnership agreement with Frankfurt, Germany, which isthe Mecca of European Finance to mark the beginning of the mutual cooperations between the two cities.
On the 4th, Mayor Yoo Jeongbok of Incheon and Mayor Peter Feldmann of Frankfurt signed the MOU for the mutual cooperation and friendship between thetwo cities at the Grand Reception Room of the city hall.
▲ By attracting foreign financial institutions and establishing a regional bank, the 8th elected municipal administration of Incheon seeks to make the city a new global financial hub ofAsia. As a part of its efforts, the city entered into a global partnership agreement with Frankfurt, Germany, which is the Mecca of European Finance tomark the beginning of the mutual cooperations between the two cities.
The signing ceremony was attended by the mayors of the two cities, President Jaeseon Shim of Incheon Chamber of Commerce and Industry; Yongjoon Choi, the South Korean representing officer of Messe Frankfurt; President Ulrich Caspar, IHK Frankfurt; Chair Eric Menges, Frankfurt Rheinmein Economic Development Cooperation, etc.
The signing of the MOU was planned by the city in cooperation with the Incheon Chamber of Commerce to strengthen its cooperative ties with Frankfurt, the European financial hub with a view to building a network for the exchanges of strategic industries between the two cities and secure the driving force forthe construction of the New Hong Kong City and the establishment of a regional bank.
Especially, Frankfurt is a city of strategic endeavors for Incheon, as Mr. Yoo Jeongbok signed an MOU with the Frankfurt Book Fair Organization Committee while Mr. Yoo Jeongbok was serving as the mayor of the city for the sixth elected municipal administration to make Frankfurt as the foothold for its European ventures, in October 2014. Mayor Peter Feldmann who visited Incheon for the signing of the MOU this time was also serving as the mayor of Frankfurt when Mr. Yoo Jeongbok visited Frankfurt in 2014 for the signing of the above-mentioned MOU. The reunion of the two mayors after eight years had aneven more significant meaning for the friendship and strategic cooperation between the two cities.
With the signing of this year’s MOU, the two cities agreed to work together in the fields of economy, finance, and science based on mutual respectand trust. In addition, the two cities agreed to encourage private sector interactions between the two cities in culture, sports, and tourism and join hands for the projects that would serve the interests of both cities.
▲ Incheon and Frankfurt are both homesfor the key airports of Europe and Asia while as well as internationalorganizations, and it is expected that the two cities will work closely witheach other for the development of the financial hub.
After the signing ceremony, the delegation from Frankfurt visited Samsung Biologics and Celltrion to discuss the mutual cooperation strategies for the establishment of a global bio-pharma industry ecosystem and took a tour of the Open Port in Jung-gu. On the following day, the delegation plans to experience the development, history and culture of Incheon by visiting the PR center for Incheon Free Economic Zone and Wolmi Park.
Frankfurt is the largest city of the State of Hessen, Germany and the hub of German economy and finance, while also being an international business city and trade fair city serving as a strategic point in terms of airline networks and transportation. The German city is also the home for various internationalorganizations, companies, German Federal Bank, European Central Bank, Stock Exchange, and other financial institutions.
Incheon and Frankfurt are both homes for the key airports of Europe and Asia while as well as international organizations, and it is expected that the two cities will work closely with each other for the development of the financial hub.
Mayor Feldmann of Frankfurt said, “Proactive cooperation with Incheon in terms of economy, finance, and science is desired, and I would like to visit adelegation from Incheon to Frankfurt in celebration of the 140th anniversary ofthe formal diplomatic ties between South Korea and Germany next year.
