ULSAN < invest Korea

According to Yonhap News,

The Ulsan Development Institute (UDI) suggested three strategies to develop its financial industry: establishing the northeast Asia's oil hub-related financial infrastructure; laying the groundwork for cultivating its financial industry; and enhancing specialized regional financial services.

As an effort to build the oil hub-related infrastructure, the UDI proposed measures including building an international financial engineering center and a liquidation office for petroleum derivatives, attracting petroleum exchange and establishing a network with the academic and financial sector and overseas future market.

The institute emphasized the importance of legislating an ordinance concerning the cultivation of the financial industry, setting up a financial industry cultivation center and a financial and economic educational center, establishing a financial industry development committee and enhancing its capability and building a regional specialized financial institution, in a move to implement the second strategy.

Lastly, it analyzed that increasing financial supports for new growth engine industries, including energy and batteries, SMEs and small store owners and creating a co-existence fund for large enterprises and SMEs to grow together and cultivating financial experts are key to enhancing specialized financial services.

Aside from the three strategies, Ulsan City and the UDI plan to reflect additional opinions from citizens and unveil a final development plan.

Source Text

Source: Yonhap News (May 15, 2011)

** This is an English translation of a Korean text.