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Declining competitiveness
Steps needed to boost Seoul s merit as global city
It is appalling that Seoul Metropolitan City s global competitiveness has continued to decline sharply over the past five years. According to A.T. Kearney, an international consulting firm based in the United States, Seoul s global ranking slipped from 11th place among 150 cities around the world in 2015 to 17th last year. Most worrying is the fact that the capital city s ranking nosedived by 30 notches to 42nd place in terms of future growth potential with regard to business environment and administrative capabilities during the same period.
The Institute for Urban Strategies at the Mori Memorial Foundation revealed Seoul s comprehensive competitiveness also declined from sixth to eighth place as the city got poor marks for industrial infrastructure, human resources recruitment and private investment. Seoul fared relatively well only in the area of urban environment and cultural interaction.
Seoul losing attractiveness as global city
Posted : 2021-03-10 16:12
Updated : 2021-03-11 09:31
By Bahk Eun-ji
Seoul Metropolitan City has been losing competitiveness in terms of its business and residential environments, according to reports, Wednesday.
The Federation of Korean Industries (FKI) analyzed the Global Cities Report issued by the U.S. consulting firm A.T. Kearney and the Global Power City Index (GPCI) by Japan s Institute for Urban Strategies at the Mori Memorial Foundation, and found that Seoul s urban competitiveness has been on a continuous decline since 2015.
A.T. Kearney said Seoul s ranking on its Global Cities Index (GCI), which shows urban competitiveness, sank from 11th in 2015 to 17th in 2020, among the 150 cities studied for its report. Compared to this, the rankings of San Francisco and Shanghai rose significantly from 22nd to 13th and from 21st to 12th, respectively.