[칼럼] Korea Story 24 - Economy and Finance 7  by Atty Jeong-kee Kim

(Newskorea=Seoul) Digital News Team = Korea Story 24 - <Economy and Finance 7  by Atty Jeong-kee Kim>

● Seoul must become a forward base for job creation, startups, and employment.

Recently, I had a discussion with male and female students attending a university in Seoul. Their wishes and desires were not grandiose or excessive. They simply wanted to graduate, secure a stable job, get married, and build a happy family with children. As the discussion concluded, the young people cried out. They lamented that in today’s Seoul, even dreaming of such things is difficult, let alone finding a job, marriage, or a family. Anger and frustration—are these feelings only for the young? Seoul is losing its dreams; this is likely the "Seoul's disease" causing distress among all Seoul citizens today. We need to address and heal this disease of Seoul by creating and realizing the Dream of Seoul. The era of Mayor Park Won-soon was a lost decade. He was not a good mayor but an " incompetent mayor. The Dream of Seoul is too grand and beautiful for an incompetent mayor to handle. Therefore, a competent mayor is needed. Only then can the dreams of Seoul’s citizens be fully realized. What should be done?

First, we transform Seoul into a digital mecca in the era of the 4th Industrial Revolution to create jobs for youth. We will create quality jobs for young people by attracting R&D centers of global companies in fields such as artificial intelligence, big data, Internet of Things, blockchain, sharing economy, cloud computing, drones, 3D printing, robotics, and biotechnology. Additionally, the Seoul Startup Promotion Corporation will be established under the Seoul Metropolitan Government to guide startups in partnership with 25 universities in Seoul and provide continuous support until entrepreneurs overcome not just one but at least three failures and succeed. We should remember Edison’s maxim: "Failure is the mother of success."

Second, to assist unemployed or low-income job seekers, the Seoul Technical Education Institute will be established under the Seoul Metropolitan Government, and technical education centers will be set up under 25 district offices. These centers will offer technical training necessary for obtaining qualifications in fields such as automotive, electrical, maintenance, and information and communication technology. Currently, the annual budget for the five technical training centers in the east, west, south, north, and central areas is approximately 30 billion won. This will be expanded to 25 district offices with a tenfold increase in the budget, so that anyone who wants to obtain employment can receive the technical training required by companies. Support is essential to make this possible.

Third, to ensure ongoing investment for middle-aged self-employed individuals and small business owners, we will establish tentatively named "Seoul Small Business Cooperative" and "Seoul Small Business Bank". This bank will be formed by self-employed individuals and small business owners creating a cooperative and using the money they contribute. It will provide specialized financial services in addition to traditional banking services for cooperative members, and the profits generated will be distributed back to the self-employed and small business owners who are cooperative members. Nonghyup serves as a good example; the government granted banking and mutual finance functions to Nonghyup, a cooperative type. As a result, Nonghyup now has 2.35 million cooperative members, 89,000 executives and employees, and assets worth 426 trillion won, becoming a large corporation comparable to Samsung. Similarly, the Small Business Cooperative should be developed to provide a financial safety net for the 6.64 million self-employed individuals, who make up 25.1% of all workers.

Fourth, we create jobs for the elderly by employing seniors to care for other seniors. Elderly individuals who need jobs after retirement could be employed in simple tasks such as environmental sanitation, but if seniors have specialized skills, utilizing them can not only create employment but also serve as preventive medicine to protect the mental health of elderly individuals. In the arts, retired artists and entertainers could be hired as instructors and sent to over 8,000 senior centers in Seoul to provide entertainment. In education, former professors or teachers could be employed to teach foreign languages, classical Chinese, calligraphy, and computer classes at community centers. With 425 administrative districts in Seoul, even if only 20 instructors are hired at each community center, 8,500 seniors could be provided with jobs. In the business sector, retired executives from large and mid-sized companies could be employed to offer management consulting to the 570,000 small business owners and self-employed individuals in Seoul. Regarding major industries in the 4th Industrial Revolution, an AI manager system could be introduced for the elderly to create jobs managing large buildings operated by artificial intelligence, self-driving car parking lots, etc.

● Dreaming of Seoul Renaissance

Korea's global standing ranks 10th in economic and trade terms, and 20th in diplomatic and security matters. Among post-war newly independent nations, South Korea is unique. At the heart of this remarkable achievement is Seoul, the capital city. After spending almost ten years in my 20s and 30s studying in the U.S. and the U.K., I worked as a lawyer in the United States and traveled as a backpacker through various world cities. In my 40s, I lived as a diplomat and professor in China, where I experienced life in Shanghai and Beijing. Having spent more than a third of my adult life in some of the world’s leading cities, I have a deep appreciation for Seoul's 600-year history and believe it is not inferior to those cities.

Yet, despite my love for Seoul, there has always been a lingering sense of regret. Why is that? I was awed by New York and London, and Paris was so captivating that I once wanted to live there. Over time, I came to admire Chicago’s modern architecture, and eventually, I developed a fondness for Shanghai, the world’s largest city with a population of 30 million. In Shanghai, Pudong across the Huangpu River resembles Chicago, while the Bund area feels like a blend of London, New York, and Paris. This inspired my vision of transforming Seoul into a top-tier city where tradition and modernity coexist, much like Shanghai. I concluded that a "Seoul Renaissance" is possible. But how should it be achieved?

First, the 25 autonomous districts of Seoul should be consolidated into 5 special districts, similar to New York City’s five boroughs: Manhattan, Brooklyn, Queens, Bronx, and Staten Island. This would unify the areas currently divided by the Han River, Jungnangcheon Stream, and Anyangcheon Stream. For example, the Central Special District would include Jongno-gu, Jung-gu, Yongsan-gu, Gangnam-gu, Seocho-gu, and Yeouido. The Eastern Special District would cover Seongdong-gu, Gwangjin-gu, Songpa-gu, and Gangdong-gu. The Western Special District would consist of Mapo-gu, Seodaemun-gu, Eunpyeong-gu, Dongjak-gu, and Gwanak-gu. The Southern Special District would encompass Yeongdeungpo-gu (excluding Yeouido), Guro-gu, Geumcheon-gu, Yangcheon-gu, and Gangseo-gu. Lastly, the Northern Special District would include Seongbuk-gu, Gangbuk-gu, Dobong-gu, Nowon-gu, Jungnang-gu, and Dongdaemun-gu. Each of these special districts would face either the Han River, Jungnangcheon Stream, or Anyangcheon Stream and be surrounded by mountains, creating scenic natural landscapes. The Central Special District, in particular, would symbolize both tradition and modernity, housing historic sites such as the four main gates (Dongdaemun, Seodaemun, Namdaemun, and Bukdaemun), royal palaces, and major government institutions, alongside modern landmarks like Teheran Road’s skyscrapers and corporate headquarters. In the future, the Central Special District could become as globally renowned as Manhattan in New York, London’s City, or Pudong in Shanghai.

Second, the Han River’s skyline will be transformed by moving the Olympic Expressway and Gangbyeonbuk-ro underground using a tunneling method (TBM), digging 30 to 60 meters below the surface. The freed-up land will be converted into green spaces, including covered parks. The area along the Olympic Expressway will become more accessible to residents, and the existing apartments will be rebuilt as residential-commercial complexes with landmark designs. By easing regulations on building heights, allowing for 50 to 70-story structures, and incorporating distinctive, eye-catching designs similar to Dubai’s high-rises, Seoul will create one of the most impressive skylines in the world. Gangbyeonbuk-ro, while presenting more challenges due to its steep slopes and existing high-end riverfront apartments, will also be transformed into green spaces. Flexible regulations will accelerate the redevelopment of this area, allowing for the construction of iconic riverside apartments.

Third, Seoul will be developed into a hub for canal logistics by introducing boats on the Han River. The plan includes connecting smaller streams like Anyangcheon, Jungnangcheon, and Cheonggyecheon to the main waterway and developing waterfront areas like Mapo Naru, Ttukseom Naru, and Gwangnaru. The introduction of water taxis and the extension of the Ara Waterway to Incheon will enhance the city's logistical capabilities. Additionally, the creation of waterfront parks and the attraction of world-renowned restaurants will make the Han River area a vibrant destination.

Fourth, Seoul will solidify its status as a true international city, both in name and in reality. To accomplish this, a 'free economic zone' will be designated within the city, encouraging global business and investment. Most importantly, a 'digital special zone' will be created to attract high-tech companies related to the 4th Industrial Revolution. This zone will offer tax exemptions, streamlined administrative services, and top-tier housing and education options, making it comparable to Silicon Valley or China's Zhongguancun. Yongsan, a central district in Seoul, is the ideal location for this digital special zone. If four 150-story buildings are constructed on the 134,000-pyeong site at Yongsan’s rail depot, it would create 2 million pyeong of office space. With high-end residential and commercial complexes, foreign schools, the planned Yongsan National Park (comparable to Central Park in New York or Hyde Park in London), and its proximity to Namsan and the Han River, Yongsan is perfectly positioned to attract top global talent. Finally, a 'financial special zone' will be established to attract the Asia-Pacific headquarters of global financial companies relocating from Hong Kong. Yeouido, incorporated into the Central Special District, will serve as the foundation for this financial hub. By leveraging Yeouido’s existing financial infrastructure and relaxing height restrictions on buildings, the area will develop skyscrapers.

☆ Author:  Atty Jeong-kee Kim ☆

● Education
- Bachelor of Arts in Political Science, Summa Cum Laude, State University of New York at Stony Brook
-  Doctor of Jurisprudence, Marquette University Law School
- Senior Executive Program, John F. Kennedy School of Government, Harvard University
- Research Scholar in North Korean Studies, Peking University

● Experience
- Consul General of the Republic of Korea in Shanghai
- Commissioner General for the Korean Pavilion at the 2010 Shanghai Expo
- CEO, Asia-Pacific Local Government Network for Economic and Social Development (CityNet)
- Secretary General, World Smart Sustainable Cities Organization(WeGO)
- Law Clerk, Milwaukee Circuit Court, USA
- Senior Attorney-at-Law, Dr & Aju LLC
- Distinguished Visiting Professor, World Economy Research Institute, Nanjing University
- Research Professor, Institute of Oriental Studies, Peking University
- Distinguished Professor, Graduate School of Political Science, Kookmin University
- Chair Professor, Graduate School of Business, Dongguk University
- First President of Soongsil Cyber University

● Publications
- Georo English Studies Series for College Students [10 volumes] (Georo Publishing)
- I Challenge the Possibility of One Percent (Chosun Ilbo)
- The Art of Negotiation (Cheongnyonneongsin Publishing)
- Korea and the World (Chekmidum Publishing)