The South Korean city of Busan and Frankfurt Main Finance aim to mutually promote and strengthen their financial centres. This is the subject of the Memorandum of Understanding, signed today by representatives of both parties at the premises of Frankfurt Main Finance. The city of Busan was represented by Deputy Mayor Cho Donyoung, as part of a delegation visit made up of representatives from the Korean finance industry and government officials. Frankfurt Main Finance was represented by Wilhelm Speckhardt, Mayor of Eschborn, in his capacity as member of the Management Board and the Executive Committee.
The cooperation found political support in South Korea with Mr. Kim Jung Hoon, Chairman of the National Policy Committee in the Republic of Korea’s National Assembly, who also leads this delegation. On the side of Frankfurt Main Finance, Lutz Raettig, president of the Financial Centre Initiative, was responsible for preparing the cooperation. South Korea aims for Busan to become the second largest financial centre next to Seoul. With a population of 3.7 million, Busan is the second largest city in South Korea, one of the leading industrial centres, as well as the most important logistics hub in the country, boasting the world’s fifth largest container port.
The declaration includes the following arrangements:
Busan and Frankfurt Main Finance intensify the relationship between the financial centres and support each other in their continued development. They will exchange information about current events in their financial centres, as well as ideas for their growth. There will also be an exchange of young talent. Financial institutions in their city should be encouraged to open branches in the cooperating partner’s financial centre and parties interested in taking this step should be supported.
Cho Donyoung: “Given that Frankfurt Main Finance represents Germany’s leading financial centre, and especially considering the expansion of South Korean companies to the German market, this cooperation is a very logical step. I very much hope that this will lift German-Korean relations in the field of financial markets to a new level. ”
Wilhelm Speckhardt: “This cooperation with the city of Busan is one of the building blocks that can open the Frankfurt-Rhine-Main region for new business opportunities. In order to access Asian economies and their enormous business potential, financial centres must make the necessary products and services available. I am excited about today’s agreement and fruitful cooperation between our financial centres. “