Seoul this year made the global top 10 list of the best cities to start a business. (Yonhap News)

By Kang Gahui and Yoon Sojung

Seoul has made the list of the world's 10 best cities to start a business.

The Seoul Metropolitan Government on June 14 said the capital ranked 10th among 280 cities in 100 countries in a report by Startup Genome, a U.S.-based think tank that conducts surveys on the global startup ecosystem.

According to the Global Startup Ecosystem Report 2022, Silicon Valley of the U.S. topped the list followed in order by New York and London, both of which tied for second, Boston and Beijing.

Seoul finished 16th last year, thus its finish this year is the highest in the city's history.

Among the sixth assessment categories, Seoul received over seven points in five areas: nine points in funding; eight in knowledge performance; and seven each in ecosystem activities, networking and fostering talented personnel. Backed by higher investment in the early stage of business initiation, the capital was tops among Asian cities in funding and received five points in market penetration.

The report cited Seoul’s strengths in the startup ecosystem for artificial intelligence (AI), big data, analytics, life science, high-tech manufacturing and robotics.

Mentioning an investment promotion agency launched by the municipal government, the report said Seoul is aiming to attract foreign direct investment. The city has formed industrial clusters in areas like Yeouido for fintech, Hongneung for biotechnology, and Yangjae for AI and big data, all of which help the growth potential of the capital’s startup ecosystem.

Hwang Bo-yeon, deputy Seoul mayor for economic policy, said, "To make Seoul the world's fifth-best city for business, we will offer support for sectors to foster future talent, create a good investment environment for companies and help promising businesses enter overseas markets."

kgh89@korea.kr