Seoul Metropolitan Government has attracted $50 million in investment through collaboration with financial, biotech, and robotics companies and investors in Shanghai and Hangzhou, China.
Highlight Capital plans to invest a total of $50 million in Seoul's biotech and healthcare companies over the next five years and to establish a Seoul branch at the Seoul International Finance Office.
Seoul plans to support Highlight Capital by providing office space in Seoul, facilitating networking with Seoul financial institutions and investors, and consulting with Seoul biotech and AI companies.
Highlight Capital, established in 2014, is a global biotech and healthcare investment firm managing $3.8 billion in assets under management.
It has invested in over 150 biotech and healthcare companies worldwide, including Korea's MEDITIP and Cellark Bio.
On the same day, Joo Yong-tae, the director of Economic Affairs, met with Wang Hanfeng, Vice President of CICC International in Shanghai, to sign an MOU for fostering Seoul's fintech and digital finance industries.
CICC supports the scaling up of Seoul fintech companies, job creation, and the development of the digital finance ecosystem, and aims to expand exchanges between Seoul companies and Chinese financial institutions and investors. The city will support network building if CICC enters Seoul.
Seoul plans to strengthen the support system for market research, corporate establishment, and regulatory easing for overseas companies entering Seoul, in cooperation with the Seoul Investment Promotion Agency(Invest Seoul).
*This article was translated using AI