The view from the top of the International Finance Center on Seoul’s glitzy Yeouido island is stunning, as city officials rightly point out, taking in the wide, winding Han river and the Bukhan Mountain on the city’s northern edge.
The South Korean capital is marketing itself as an alternative to Asia’s traditional financial hubs. Local authorities are hoping that its plush offices — such as those at the IFC — and an incentive package for relocating companies that helps with rent, wages and interpreter costs will help sweeten the deal.
So far, three foreign companies have taken up the relocation packages and are setting up new offices in the IFC, according to the local authority. The question is: will foreign workers be prepared to turn their backs on Hong Kong, Singapore or Shanghai and move here?
Andrew Gilholm, an analyst with consultancy Control Risks,…