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SEOUL, June 25 (Yonhap) -- Approximately 80% of South Korea’s leading 500 firms ranked by revenue have their main offices located in Seoul, Incheon, and Gyeonggi Province. This highlights a significant clustering of large company headquarters within the broader Seoul region, according to a statement from a domestic market analysis firm released on Wednesday.
A report from CEO Score reveals that out of the top 500 firms, 385—or 77%—are located in Seoul, Incheon, and neighboring Gyeonggi Province. By comparison, just one firm apiece has their headquarters in Sejong and Gangwon Province.
As talks gain momentum regarding the potential relocation of the headquarters of South Korea’s top shipping firm, HMM, to the southern port city of Busan under the new Lee Jae-myung administration, the survey emerges. This government intends to move the Ministry of Oceans and Fisheries to Busan before this year ends.
Most of the country's major conglomerates, including Samsung Electronics Co., Hyundai Motor Co. and SK hynix Inc., are located in the greater Seoul area.
In contrast to private businesses, state-owned entities are more uniformly dispersed beyond the capital region because of initiatives aimed at relocating governmental bodies and public offices to regional urban centers. Out of the 22 public corporations listed amongst the top 500, as many as 17 have their headquarters located outside the larger metropolitan area surrounding Seoul.
"The provincial administrations housing the main offices of large corporations enjoy increased tax income, employment opportunities, and enhanced local economies. The findings underscored this trend, emphasizing the disproportionate accumulation of business influence within the Seoul metropolis despite rising worries about decreasing populations outside these regions," the firm stated.
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