AIG Asia to Move Headquarters to Seoul

The U.S. multinational financial services company American International Group (AIG) will set up its Asia headquarters in the International Financial Center, scheduled for completion by 2010, in Yeouido, Yeongdeungpo-gu, Seoul, according to Seoul Mayor Lee Myung-bak yesterday.

Lee, speaking from New York City, announced that AIG agreed to relocate its Asian headquarters from Japan to the International Finance Center in Yeouido, Seoul last year.

According to Lee, AIG president Morris Greenberg sent him a message saying that he would do his best to move AIG’s Asian headquarters to Korea. The contents of the message were not revealed to the public so as not to upset AIG’s relationship with Japan.

The Seoul Metropolitan Government has already received a $1.2 billion investment pledge from AIG.

AIG’s current Asia headquarters in Japan oversees 15 subsidiaries, including the AIG global investment division.

Lee, who is visiting the U.S., is committed to attracting investment from foreign companies like Goldman Sachs, in hopes of turning Seoul into a financial hub in Northeast Asia.

He hopes to bring the Asia headquarters of overseas companies, including Bell Laboratories, to Seoul’s Research and Development City scheduled for construction from 2007 to 2020 in the Magok-dong and Gayang-dong neighborhood of Gangseo-gu, Seoul,

Lee held a luncheon sponsored by the Seoul International Business Advisory Council and met with New York City Mayor Michael Bloomberg to discuss ways to improve cooperation between Seoul and New York.

Meanwhile, the Seoul Business Agency, an affiliate of the Seoul Metropolitan Government, announced that it would share fashion, movie, and digital content information with New York City Economic Development Corporation. The two organizations will also assist companies that try to set up businesses in their countries.

Tae-Hun Hwang beetlez@donga.com