Seoul Economy provides sufficient boost to the overall growth and development of Korea. As a hub of some of the major international corporate houses, Seoul has a share of 48.3% of bank deposits of Korea. The economic activities carried out in Seoul mainly include banking, services sector and import and export.
There are various types of revenue generating sectors in the city that strengthens the Seoul economy. A number of world renowned companies like LG Group, Daewoo Corporation, Hyundai, Samsung and Kia Motors have their respective headquarters in Seoul, Korea. Being the capital city of Republic of Korea, Seoul is facilitated by a number of diversified economic activities. In the year 2003, the Gross Regional Domestic Product of Seoul contributed 24.1% of the national GDP of US$ 608 billion.
The export and import sector of Seoul is a major contributor towards the growth of the city’s economy. Among others, the import items that chart high in Seoul include petrochemicals, electrical and electronic products and machinery. In the year 2004, Seoul’s export amounted to US$ 29.924 billion. The ICT industry was the major exporter which supplied electronic and electrical products in 2004.
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The major industries that collectively provide a stable platform for the enhancement of the economy of Seoul are:
- Wholesale and retail
- Agriculture
- Food and lodging
- Construction
- Manufacturing
- Fishery
- Transportation
- Electricity, gas and waterworks
- Education services
- Finance
- Insurance
- Real estate
The Seoul Metropolitan Government also takes important initiatives to support he economic escalation of the city. By offering consultancy services to different companies on brand development and product design, the Metropolitan Government also boost up the advertising and international sales operation of global companies.
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