•SeoulWelcome to the New leadingGlobal Financial Hub
SEOUL, Welcome to The New Leading Global Financial Hub                                                                    ...
SEOUL, Welcome to The New Leading Global Financial Hub                                                              SEOUL,...
SEOUL, Welcome to The New Leading Global Financial Hub                                                                    ...
SEOUL, Welcome to The New Leading Global Financial Hub                                                                    ...
SEOUL, Welcome to The New Leading Global Financial Hub                                                                    ...
SEOUL, Welcome to The New Leading Global Financial Hub                                                                    ...
SEOUL, Welcome to The New Leading Global Financial Hub                                  SEOUL, Welcome to The New Leading ...
SEOUL, Welcome to The New Leading Global Financial Hub                                                                    ...
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
Financial hub seoul metropolitan government
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Financial hub seoul metropolitan government

  1. 1. •SeoulWelcome to the New leadingGlobal Financial Hub
  2. 2. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial HubTable of Contents04 4 introduction of Seoul & Korea at a glance 14 14 economy and Finance 30 30 Finance city, Seoul 42 42 useful guidelines for Foreign investors 6 Global City, Seoul 18 Real economy 34 Yeouido International Financial District 44 Seoul Global Center 8 Business environment 20 Attractiveness of Capital Market 37 IFC Seoul 46 Support for Business Setup: Fn Hub Korea 10 local environment 24 Current Status of Financial Industry 40 Introduction of 2009, 2010 overseas IR events 47 licensing Handbook: Fn Hub Korea 12 History and Culture 25 Current Status of Financial Industry Market by Sector 48 FAQ: Fn Hub Korea 28 Current Status of Financial Support 49 Seoul Selected by Global Companies Industries Market by Sector 50 Seoul Selected by Global Companies Macquarie 51 Seoul Selected by Global Companies Credit Suisse 52 useful links 53 epilogue Seoul, Welcome to the NeW leadiNg global FiNaNcial hub Welcome to Seoul, the center of Korea’s economy, politics and culture. Seoul, the dynamic capital of sparkling Korea, harmonizing 600 years of tradition and state-of-the-art information technology, is striving to gain recognition as a city where international visitors and residents want to ‘visit, invest, work and live.’ Seoul has emerged into the spotlight on the global stage and received international attention by hosting various major events including the 1988 Seoul olympics, 2002 FIFA World Cup and the G20 summit in 2010. However, Seoul is still a city shrouded in mystery for some. This brochure is designed to provide a better understanding of Seoul to investors and business leaders. We hope you find various aspects from the pages that arouse your interest in the city. We also expect that the city of Seoul will eventually become the most ‘must-see’ financial hub in Northeast Asia.2 Table of Contents Introduction of Seoul & Korea at a Glance Introduction of Seoul & Korea at Prologue a Glance 3
  3. 3. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial HubIntroduction of Seoul& Korea at a GlanceSeoul is a place to achieve all your financial goals and dreams Korea Seoul Nunber of foreigners (in 2009) 870,636 255,749 Language Korean, but English is widely spoken Average income per household About $35,280 About $38,766 (in 2010) Mean 14.2˚C Mean 12.9˚C Air temperature (in 2009) Lowest -20.5˚C ~ Highest 38.3˚C Lowest -12.9˚C ~ Highest 34.4˚C GDP/GDRP (in 2009) About USD 913 billion About USD 221 billion Machinery, Automobiles, Steel, Shipping, Finance, Tourism, IT, Key industries Construction, Electronics, Semiconductor, Conventions, etc. Petrochemical, Telecommunication Ratified FTA Korea-Singapre FTA, Korea-ASEAN FTA, Korea-India CEPA Signed and negotiated FTA Korea-The U.S. FTA, Korea-EU FTA *as of February, 2011 10,039,000 9,459 out of 48,875,000 out of 20,543 in Korea in Korea Foreign Seoul Population Firms Korea (in 2010)4 Introduction of Seoul & Korea at a Glance Introduction of Seoul & Korea at a Glance 5
  4. 4. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial Hub Introduction of Seoul & Korea at a Glance gdP (unit : US$ 100million) (unit: US$) The GRDP of Seoul is uSD226,856 million (per capita GRDP, 1,000 - - 25,000 uSD 22,597) which accounts for 24.1% of Korea’s total GDP. GDP GNI per Capita Global City, Seoul The city’s economic growth rate against GDP continues to rise growing from 2.2% in 2008 to 3.2% in 2009 (third quarter). 800 - 969.9 20,045 939.4 22,597 - 20,000 600 - - 15,000 Population and area 400 - - 10,000 The area of Seoul is 605km², or 0.6% of Korea’s total area 200 - - 5,000 (100,032km²), and consists of 25 autonomous districts (gu). 67 1.3 The population of Seoul was 10,039,000 as of the end of 0- -0 2010, accounting for 20.5% of the total population of Korea 53 60 70 80 90 00 07 10 19 19 19 19 19 20 20 20 (48,875,000). Including Gyeonggi-do, the province surrounding *Source: Bank of Korea (2008) Seoul, the figure soars to 24,336,000, representing about 49.8% 1hrs~2hrs of the total population of Korea, creating a highly integrated con- sumer market. While Seoul has a high population density, the city 4hrs~ 3hrs~4hrs 2hrs~3hrs has green areas covering 26% (157km²) of its entire area thanks to policies of the city administration to increase the amount of green space for Seoul’s residents. Dobong-gu Area: 20.7km2 Population: 377,000 Gangbuk-gu Area: 23.6km2 Population: 346,000 Nowon-gu Eunpyeong-gu Area: 35.4km2 Area: 29.7km2 Population: 621,000geographical benefits, a global city Area and Population of Seoul by Ward Population: 463,000Seoul, the capital city of the Republic of Korea located in the far eastern region of the Asian continent, is a main gateway to and a Seongbuk-gu Jungnang-gulogistics hub of Northeast Asia whose production accounts for one third of the world’s total output. The city has favorable conditions for Area: 24.6km2 Area: 18.5km2 Population: 481,000 Population: 433,000single-day business trip as there are 51 megacities with a population of over one million within a 3-4 hour flight. Jongno-gu Dongdaemun-gu Area: 23.9km2 Area: 14.2km2 Seodaemun-gu Population: 178,000 Population: 382,000 Area: 17.6km2 Gangseo-gu Seoul Republic of Korea Population: 341,000 Jung-gu Area: 20.7km2 Area: 20.7km2 Gangdong-gu Population: 584,000 Mapo-gu Seongdong-gu Population: 139,000 Area: 24.6km2 Area 605km 2 100,032km 2 Area: 23.9km2 Area: 16.9km2 Gwangjin-gu Population: 474,000 Population: 393,000 Population: 323,000 Area: 17.1km2 Population 10,039,000 48,875,000 Population: 387,000 Yongsan-gu Yeongdeungpo-gu Area: 21.8km2 Location Northwest of the Republic of Korea Northeast Asia (between China and Japan) Yangchen-gu Area: 24.6 km2 Population: 251,000 Area: 17.4km2 Population: 444,000 Songpa-gu Language Korean Population: 508,000 Dongjak-gu Area: 33.9km2 Area: 16.4km2 Population: 677,000 Currency Won (USD 1 = KRW 1,134.8, average exchange rate 2010) Guro-gu Population: 411,000 Gangnam-gu Area: 20.7km2 Area: 39.5km2 System of Government Presidential System Population: 449,000 Seocho-gu Population: 566,000 Area: 47.0km2 Gwanak-gu Population: 412,000 ·Asia’s 4th, and the world’s 15th largest economy Area: 29.6km2 ·High growth potential Geumcheon-gu Population: 552,000 Area: 13.0km2 · ain industries: shipbuilding (world’s top), semiconductor(world’s 3rd), petrochemicals(world’s 3rd), electronics(world’s 4th), M Economy Population: 265,000 automobile(world’s 4th), steel(world’s 6th), etc. ·Strong IT infrastructure and cutting-edge information and communication network ·Excellent accessibility to emerging Asian markets6 Global City, Seoul Global City, Seoul 7
  5. 5. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial Hub Introduction of Seoul Korea at a Glance Korea and Free trade agreements (Fta) Foreign direct investment (Fdi), 5-Fold increase The Korean government continues to push ahead with free trade The Asian financial crisis in the late 1990s led Korea to imple- agreements(FTA) as a main policy to boost market opening and ment more active policies to attract foreign direct investment. Business environment free trade. As a result of active FTA, Korea is able to provide more favorable environments for foreign investors such as a larger The cumulative amount of inbound foreign direct investment since the financial crisis (i.e. 1998-2008) is five times larger than common market via protection of investors’ rights, expansion of between 1962, the year when Korea started her industrialization markets and increased market accessibility. efforts, and 1997. Foreign investment into Korea continues to rise, as does the number of foreign-invested firms. Effective FTAs •Korea-Chile FTA Effective on Apr. 1, 2004 •Korea-Singapore FTA Effective on Mar. 2, 2006trade Volume •Korea- EFTA FTA Effective on Sep. 1, 2006 talented human Resources •Korea- ASEAN FTA Effective on Jun. 1, 2007Korea has posted consistent increases in trade volume to become the 7th largest trading nation in the world in 2010. Seoul, recording Services effective on May 1, and investments on Sep. 1, 2009 Financial professionals with in-depth knowledge and leadershipuSD 4,674 billion in exports and posting uSD 417 in trade surplus. •Korea-India CEPA Effective on Jan. 1, 2010 skills are essential to compete in sophisticated global financial FTAs awaiting ratification markets. More than 40% of Seoul residents hold a bachelor’s Increase of Trade Volume (after customs clearance) *Source: Korea International Trade Association •Korea-USA FTA Signed on Jun. 30, 2007 degree or above, while 54 universities in Seoul confer master’s and •Korea-EU FTA Tentatively signed on Oct. 15, 2009 doctoral degrees to 35,000 students annually. In addition, there 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 FTAs under negotiation are 75,000 researchers working in 2,466 research institutes (69 Exports 1,722 1,504 1,624 1,938 2,538 2,844 3,254 3,714 4,220 3,635 4,674 •Korea-Canada FTA affiliated with universities and 2,937 with businesses) in Seoul. •Korea-Mexico FTA Imports 1,604 1,410 1,521 1,788 2,244 2,612 3,093 3,568 4,353 3,231 4,257 •Korea-GCC FTA •Korea-Australia FTA Through the city’s abundant academic and research facilities, •Korea-New Zealand FTA •Korea-Peru FTA Seoul is making diverse efforts to nurture high caliber human 4,500 - 4,000 - •Korea-Colimbia FTA resources. Many universities are offering MBA courses in which 3,500 - FTAs under preparation or joint study english is the only language spoken during lectures to develop 3,000 - •Korea-Japan FTA highly skilled manpower for international exchanges in the areas 2,500 - •Korea-China FTA of management and finance. 2,000 - •Korea-China-Japan FTA 1,500 - •Korea-MERCOSUR FTA Exports (after customs clearance / Unit : USD billion) •Korea-Turkey FTA 1,000 - Imports (after customs clearance / Unit : USD billion) •Korea-Russia FTA 500 - •Korea-Israel FTA 0- •Korea-SACU FTA 00 01 02 03 04 05 06 07 08 09 10 20 20 20 20 20 20 20 20 20 20 20 *Source : FTA, Ministry of foreign Affairs and Trade (www.fta.go.kr)2011, 2012 Prospects for the Korean economy (gdP) Investment Promotion systems in Major Asian countries *Source : survey by the Korea Business Center of KOTRA (September 2009)The Koreas GDP growth rate recorded 6.1% in 2010. The oeCD forecasts that Korean economy is expected to grow by 4.3% in 2011and 4.8% in 2012. Korea’s economy is recovering faster than any other oeCD member thanks to an expansionary fiscal policy imple- City Seoul Beijing Hong Kongmented until the third quarter of 2009 as well as excellent export performance. The effects of fiscal spending may gradually be weakened Treatment of domestic and Separate support programs Separate support programs for same treatmentafter 2010. However the Korean economy is forecasted to grow 4.3% (4.7% for the fourth quarter) in 2011, thanks to stock accumula- foreign companies for all foreign invested companies selected foreign invested companiestion, steady export growth, recovery in domestic consumption and a reduced unemployment rate. Korea’s mid-term growth rate between -Subsidy (for the establishment of regional2011 and 2012 is expected to be 4.5%. Main incentive Tax exemption or reduction HQs by multinational corporations) -Tax exemption or reduction*Source: OECD -Attraction of high technologies -Attraction of multinational corporations’ regional HQs No separate Purpose of incentives -Development of business support services -Development of high-tech industries and services incentives Number of Foreign-Invested Companies -Tax exemption or reduction -Subsidy to multinational corporations’ regional HQs 1997 2000 2003 2006 May 18, 2009 Incentive types -Support for business location -Tax exemption or reduction (i.e. corporate income tax 2,274 4,880 8,135 13,034 17,054 -Cash support and export-related taxation)8 Business environment Business environment 9
  6. 6. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial Hub Introduction of Seoul Korea at a Glance medical Facilities education 1339 Facilities 1339 is the number of the emergency Medical Information There are currently 21 international schools in Seoul. local environment Center. When 1339 is dialed, english-speaking doctors assist foreigners, providing them with relevant medical information on Seoul (city) is planning to establish two more by 2012. Dulwich College, a prestigious private school in the united Kingdom, was emergency situations 24 hours a day. To use the service, dial 1339 founded in Seoul in September 2010. The Dwight School, a well- directly without area code. However, when you call by mobile known school in Manhattan, New York, will establish a branch phone or outside Seoul, dial 02-1339. school in Seoul in 2011. These efforts will add to an excellent edu- cational environment for the children of foreign families residing Seoul global center in Seoul.it infrastructure The center’s MRS (Medical Referral Service) operates 24 hours aSeoul is regarded worldwide as a leading IT city, with top-notch information and communications infrastructure. According to a study day to guide foreign residents in Seoul for better medical services. expenseconducted here by oxford university in 2010, Korea ranked number 1 in terms of high-speed Internet quality. And according to the There are 14 medical centers for foreigners in Seoul. The table below gives a brief overview of educational expenses inRutgers Global e-Governance Survey in 2009, Seoul again ranked number 1 in the world in e-government since 2003. (Contact Info: 010-4769-8212, 010-8750-8212) Seoul and other major Asian cities, showing that foreign residents in Seoul spend less than those in comparable cities.transportation health insurance for Foreign NationalsWith a population of over 10 million, Seoul is currently one of the largest megacities in the world. The National Health Insurance Corporation of Korea operatesHowever, the recently completed public transportation system offers citizens a comfortable means of public transport to all corners of healthcare insurance programs not just for Workplace Policyhold-the capital. The public transportation system of Seoul has been benchmarked by many countries. ers and Community Policyholders but also for foreign residents who hold an insurance policy with it. under the program, foreignbus Subway air policyholders pay only 20% of the medical bill when hospitalized,The network of bus services in Seoul is Consisting of 11 lines that form a huge Seoul has two airports, Gimpo Airport and or 30-50% when they receive outpatient care. There are also pro-comprised of four groups of buses marked transportation network connecting the Incheon International Airport, to link it grams applicable to international medical insurance policyholders.by four different colors representing entire city and its surrounding areas, Seoul with other cities in Korea and the world.Branch line, Main line, Circle line and subways are generally regarded as the most Gimpo Airport is a hub of Korea’s domestic Educational Facilities *Source: Guide for Foreign Residents in SeoulInter City. Services normally start at 04:00 convenient, safe and comfortable public flights connecting the Korean capital and Classification Descriptionin the morning and end at 01:00 the transportation means to travel around with its regional centers. Incheon Interna- A foreign investor may have their child enrolled at a Korean school if he or she is a fluent Korean speaker. Korean schools arefollowing morning. each bus stop has an Korea’s capital area. tional Airport serves international travel- Korean school generally divided into public and private schools, and elementary education at public schools is offered at no cost.information display, which provides route ers departing Seoul to a great choice of Some foreign investors may choose to have their child educated via homeschooling programs via the website,and schedule information of buses in real- destinations around the world. The airport Home schooling Homeschool.com, or the United States Distance Learning association (www.usdla.org)time, for the convenience of citizens. was selected as ‘Top of the World’ in the International International school is the most popular choice of the three among foreign investors in Seoul as it offers better quality AeTRA World Airport Satisfaction Survey. school school programs than the other two. Incheon also has garnered the top spot in the ACI Airport Service Quality (ASQ) passenger survey for five consecutive years. Educational Spending (Unit: US$) Seoul Singapore Hong Kong School Level Seoul foreign Korea Kent Foreign English School of Yew Chung International SAS 1) OFS 2) school School Foundation school Kindergarten 5,164 10,696 16,140 11,416 7,259 7,899 Primary school 10,788 11,213 19,406 12,684 6,891 16,007 Middle School 10,733 11,803 20,548 13,952 10,585 13,284 High school 13,592 12,688 21,816 15,85510 local environment local environment 11
  7. 7. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial Hub Introduction of Seoul Korea at a Glance Seoul is a creative city where state-of-the art-technology and natural beauty coexist in true harmony. Seoul has been striving to achieve an eco-friendly environment for better quality of life while maintaining its competitiveness by constructing modern infrastructure on a global scale. Related projects include construction of large-scale green areas like Cheonggyecheon, the Floating Islands, and introduction History and Culture of innovative designs in Dongdaemun Design Plaza. Thanks to these efforts, Seoul was designated as the World Design Capital 2010 in an evaluation by the International Council of Societies of Industrial Design. Seoul was designated as the 2010 World Design Captial and uNeSCo Creative City for Design. dongdaemun design Plaza Dongdaemun Design Plaza, the symbol of the World Design Capital Seoul 2010, is a landmark of the creative industry in the heart of Seoul. Dongdaemun Design Plaza represents Seoul’s aim to become the hub of Asia’s design industry. The facility houses a multi-Seoul, a city with a modern skyline and cutting-edge technology, still retains numerous features of its historic traditions. It is one of a purpose convention hall and a number of exhibition halls that provide a test-bed platform for various corporate design products as wellfew cities in the world where residents live an urban life while enjoying classic oriental beauty. The people of Seoul and international as a venue for international cultural exchanges and cooperation. The plaza’s uniquely and specially designed features vividly showcase thevisitors can savor the diverse cultural characteristics everyday throughout the city. beauty of Seoul.insadong – a mixture of history and modern times cheonggyecheonInsadong, the name of a downtown area in Seoul, has been favored by local residents and foreigners for a long time due to its sustained Cheonggyecheon, a 5.8 km stream running through downtown Seoul, has been restored to provide a clean and pleasant modern publictraditional environment. Insadong encompasses a mix of traditional and modern atmospheres, representing the “culture of the past and recreation space. Considered as a major success in urban renewal and beautification, Cheonggyecheon represents the new urban struc-the present.” Insadong has been the largest market for antiques and artwork in Korea and now is well known as a historical district. ture connecting cultural and environmental resources. All along Cheonggyecheon, local residents and visitors enjoy clean water, fresh air, and natural habitats in the center of the city.galleries museumsSeoul abounds in cultural facilities of all kinds, where people can enjoy exhibitions and stage performances throughout the year. Thereare 358 museums in Korea, with 31 being funded and operated by the central government, including the National Museum of Korea,National Palace Museum of Korea and the National Folk Museum located in downtown Seoul.The National Museum of Contemporary Art, located in a scenic park in Gwacheon, just south of Seoul, features an extensive collec-tion of Korean and Western art works of the 20th century. Seoul Museum of Art near City Hall is another significant contemporary artmuseum that holds six exhibition halls, additional rooms for lectures and seminars and other related facilities.12 History and Culture History and Culture 13
  8. 8. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial Hubeconomy Finance Seoul is showing rapid growth as a financial center of Asia14 economy Finance economy Finance 15
  9. 9. SEOUL, Welcome to The New Leading Global Financial Hub SEOUL, Welcome to The New Leading Global Financial Hub economy Finance economy Finance current Status of Seoul Financial industry The GRDP of Seoul, the business and financial services center of The Korean government has focused on making Seoul a world-class Korea, accounts for 24% of the country’s GDP (Bank of Korea, city with a business environment that is attractive to foreign investors 2010). Furthermore, 250 multinational corporations are located in economy Finance and financial professionals. In this regard, the government proposed the “Roadmap to Create a Financial Center in Northeast Asia” and Seoul, including a number of Fortune 500 corporations. And 144 out of 146 foreign financial service institutions currently operating in economy Finance designated the Yeouido district as Seoul’s official financial cluster to Korea are located in Seoul. Moreover, 8,854 financial and insurance improve the city’s financial competitiveness in January 2009. In late service providers - 24.8% of the country’s total- are located in Seoul, 2009, the domestic stock market achieved a landmark as the FTSe while 227,935 financial and insurance service workers - 36.8% of the raised the global equity index series of Korea from ‘advance emerging’ country’s total - work in Seoul. to ‘developed’. The central government, the city and private enterpris- es are putting forth a greater effort to make Seoul one of the top three international Features Seoul hits a record high financial hubs in Asia by 2015. Seoul’s significance as a production and consumption market has con- 250 Multinational in the Global Financial tinued to increase with regard to the Northeast Asian economic block Corporations, Seoul hits a record highin the gFci, ranking 24th, continuing (Korea, China and Japan). Some international organizations expect Centres Index (GFCI) its rapid ascent over the last two years that the scale of the block economy will eventually be comparable to 144 foreign Financial The 8th Global Financial Centres Index (GFCI) was published, once that of the eu and NAFTA by 2020. of the three Northeast Asian Institutions again verifying Seoul as a competitive city among global financial cen- countries, Korea’s importance is being heightened as the government ters worldwide with reliable scores. The GFCI is calculated based on continues to implement various measures intended to raise its inter- on-line surveys conducted among financiers along with the evaluation national profile and improve its institutions by enhancing industrial results derived by 75 external institutions, including IMD and WeF, competitive advantages. Indeed, Korea could leverage the economic in human resources, business environment, market accessibility, infra- growth potential of the Asian region as a great opportunity, and the structure, general competitiveness and other categories. In the latest country should have comparative advantages in exploiting the market survey, Seoul achieved a sharp increase in its score, placing the city potential of the united States, the world’s largest market, once the 24th in the ranking. Its ranking has been rising at a remarkable rate, Korea-uS FTA, the final negotiations for which were completed in outpacing 29 other cities in just 18 months. Confirming the GFCI December 2010, enters into force. result, a “Global Financial Centres after Crisis” report announced by Deutsche Bank in August 2010 showed that the competitiveness domestic Features of Seoul in the international financial business category grew 44%, Seoul and the metropolitan region exhibit stronger demand for outshining a number of other famed cities. Seoul was also selected as foreign investment than other regions in Korea. Seoul offers easy the most rapidly growing financial city in Asia. geographic access and has diverse political, economic and cultural functions. In addition, many key businesses and highly educated human resources are concentrated in the region. The concentration of foreign diplomatic missions and foreign-invested businesses will Seoul Ranking continue and more business leaders will stay in Seoul for an extended period. Therefore, Seoul has strong potential for the development of 24 25 - related industries and facilities. 28 35 35 - 42 43 The Operating Fund Structure of Banks (2008) 45 - 48 Production Amount Number of Entities Number of Workers 51 53 Nationwide Seoul Nationwide Seoul Nationwide Seoul 55 - Size US$ 34,703 US$ 17,626(50.7%) 35,222 8,651(24.6%) 613,580 199,312(32.5%) FC 2 nd FC 2 nd FC 2 nd FC 2 nd FC 1 st FC 1 st FC 1 st CI f GF o 1) lf( 1 st ) ) ) ) ) ) ) I2 I3 I4 I5 I6 I7 I8 (G 8’ (G 9’ (G 0’ (G 7’ (G 8’ (G 9’ (G 0’16 17 0 0 1 ha 07’ 0 0 0 1 economy Finance economy Finance

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