Seoul Invests in European Tech Ties via Forvis Mazars Partnership

The Seoul Investment Promotion Agency (SIPA) has entered into a strategic partnership with Forvis Mazars to streamline the entry of European companies into the South Korean market. Announced on May 19, 2024, the agreement establishes a one-stop support system for foreign firms, providing integrated services ranging from initial investment consultation to local business incorporation and regulatory compliance.

How the Partnership Streamlines Market Entry

The collaboration connects European businesses with Seoul’s investment ecosystem by leveraging the global reach of Forvis Mazars, which operates in over 100 countries. According to the Seoul Investment Promotion Agency, the partnership aims to remove traditional entry barriers for foreign startups and established corporations. Forvis Mazars, through its local entity, Forvis Mazars Korea (formerly Sebit Accounting Corporation), will provide on-the-ground expertise in tax, legal, and management consulting. This structure allows companies to manage their expansion through a single channel rather than navigating fragmented local service providers.

Strategic Focus on Global Innovation Hubs

The agreement follows the “Seoul Forward” event held in Paris on May 17, 2024, coinciding with the VivaTech 2024 conference. SIPA is prioritizing sectors such as deep tech, artificial intelligence, and aerospace to bolster Seoul’s status as a regional base for Asian expansion. During the event, representatives from European firms, including the quantum computing company Pasqal, highlighted the practical processes and benefits of establishing operations in Seoul. SIPA officials noted that they are using these international forums to conduct one-on-one consultations with firms already exploring Asian market entry.

Why Seoul Targets European Tech Ecosystems

Seoul’s push to attract European capital and innovation is part of a broader effort to diversify its foreign direct investment (FDI) sources beyond traditional markets. The city government has recently intensified efforts to position Seoul as a gateway to Asia, citing its high density of global talent and a robust R&D infrastructure. This initiative mirrors similar efforts by other Asian financial hubs, such as Singapore and Tokyo, which also host dedicated investment promotion offices to attract European firms. Unlike some regional competitors, Seoul’s current strategy focuses heavily on integrating foreign tech firms into its existing deep-tech manufacturing and AI research clusters.

Key Details of the Collaboration

• Joint Networking: SIPA and Forvis Mazars will co-host seminars and workshops to connect European founders with Korean industry leaders.
• One-Stop Support: The partnership covers the full lifecycle of investment, including initial feasibility reviews and post-entry legal support.
• Targeted Outreach: The agreement specifically targets high-growth potential startups and firms in the deep-tech, AI, and space sectors.

Lee Ji-hyung, Chairman of the Seoul Investment Promotion Agency, stated that the partnership is timed to coincide with the 140th anniversary of diplomatic relations between South Korea and France. The agency plans to continue developing its “Seoul Forward” network, which currently links investment ecosystems in Silicon Valley, Los Angeles, and Paris, to ensure that Seoul remains a competitive destination for global companies looking to scale in Asia.