The Seoul Metropolitan Government has initiated a comprehensive investment policy aiming to achieve $30 billion annually in foreign direct investment (FDI) by 2030, following the unveiling of the announcement of the Seoul Vision 2030. The global investment landscape faces challenges due to macroeconomic and geopolitical risks with steep inflation, high-interest rates, and increasing global fragmentation. Despite the global FDI slowdown, investment inflow into Korea and Seoul recovered rapidly after the COVID-19 pandemic. Seoul has performed well in attracting FDI relative to its economic scale, with approximately 45% of Korea's FDI being concentrated in the city. However, Seoul’s FDI profile displays a notable reliance on the financial and insurance sector, which presents limited scope for policy intervention. Given the divergent industrial structure between Korea and Seoul, it is necessary to establish a distinct investment strategy for Seoul, emphasizing job creation and productivity improvement grounded in Seoul's competitive advantages. Our analysis investigates the determinants of regional-industrial FDI in Korea using panel data from 2011 to 2020 across 17 provinces and 14 industries. Our findings confirm that the conventional FDI theory is also valid at the domestic level. Furthermore, we suggest that a higher level of R&D expenditure and a sustainable market size could enhance Seoul’s competitiveness. Nonetheless, the high real estate prices in Seoul can hurt investment.