How to regenerate Yeouido as an international business center of Seoul

Abstract

Seoul has developed very fast from 1970 and achieved a dramatic economic development in a short period. Korea's development was depending on labor-intensive industries for many years such as a textile. And in these days the manufacturing industry is concentrating on the technology intensive manufacturing like semiconductors and parts of cars. However, these manufacturing industries have been relocated from Seoul to other cities, especially satellite cities of Seoul. By this phenomenon, there is an obvious trend towards the specialization of command and control activities in City of Seoul and the relocation of manufacturing industries to the Seoul capital region. In the flow of globalization, most of Asian cities are trying to become a global city or major centers both in finance and in the international business services. The competition to become an attractive major center between the cities is very keen. City of Seoul also performs as one of the major centers in advanced producer services. However Seoul faced the challenge how to enhance the economic performance in the competition with other Asian cities. In order to boost Seoul's economic performance, it was relevant to research the main business centers of Seoul because the advanced producer services are all concentrated on the main business centers of Seoul. In addition Dunford and Kafkalas insist that the business center is the economic engine of the city, networked in the global economy. Seoul has three main business centers; CBD, Teheran street and Yeouido. Seoul has been developed focusing on them. The business centers have shaped spatial structure of Seoul and caused unbalanced development. By the empirical analysis of Seoul following three business centers it is found that the competitiveness of Yeouido as a business center of Seoul is decreasing and it is not performing well even as a local center. Therefore this graduate project was focused on the Yeouido business center to solve the current problems and to regenerate the business center into an attractive international business center.