Jeong Won-oh, the Democratic Party’s candidate for Seoul mayor, visited the Korea Exchange on May 4, as the benchmark KOSPI index topped 6,900, and said Seoul must raise its growth rate to sustain the “money move” into stocks and the market rally.
Speaking at an event titled “Jeong Won-oh’s On-the-Ground Visit: Finance Edition” at the exchange in Seoul’s Yeouido district, Jeong said that as of 2024 the national economic growth rate was 2.0% while Seoul’s was 1.0%. He said Seoul should help ensure the KOSPI’s upward momentum continues.
According to the Korea Exchange, the KOSPI closed at 6,936.99, a record high. Jeong said the Lee Jae-myung government and the Democratic Party were turning what critics said was impossible into reality, and urged the Seoul city government to keep supporting the market mood through measures such as regulatory reform and improved administrative services.
Rep. Oh Ki-hyoung, who attended the meeting, also called for shifting the focus from real estate to capital markets. “Economic growth centered on real estate is no longer feasible,” Oh said, adding that resources should move toward innovative companies and capital markets.
Rep. Kim Nam-geun said he joined the event to discuss investment opportunities across Seoul so money tied up in real estate can move into more productive sectors.
Participants also raised concerns about a lack of startup space. Kim said the city would use idle spaces across Seoul to create places where venture and startup firms can operate without the burden of rent.
Oh said that despite existing startup support spaces in Seoul, many companies start up elsewhere due to rent costs or to receive support from other local governments. He said there is a mismatch between demand and available space.
* This article has been translated by AI.
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