As one of the largest cities in the world, Seoul is home to the headquarters of many international companies like Samsung, LG, Hyundai and Kia. The city is also responsible for generating more than 20% of South Korea’s gross domestic product. In addition to the major international companies, Seoul’s economy focuses on tourism, the building trade and industry. The city is also well-known for its shopping facilities and the Dongdaemun Market (DDM), which is South Korea’s largest.
Manufacturing is one of the most important lines of business in the city. Information technology and the electronics industry have replaced traditional mainstays like the production of textiles and clothing, machines and chemicals. Food processing, drinks production or the publishing house and printing business are also important driving forces in the economy.
The services sector employs the majority of workers in South Korea’s financial centre and the city is also the venue for many trade fairs every year. The many multinational companies and trading groups, which have their headquarters in Seoul, are some of the most important employers – in addition to financial and insurance companies or freelance and business services firms. The headquarters of the large stock markets and banks are located in the northern and southern parts of the city centre and on the island of Yŏŭi.