Governor Hogan Kicks Off Trade Mission To Asia, State Signs Agreement With South Korean Business Group

SEOUL, SOUTH KOREA – Joined by a delegation of Maryland business executives and higher education leaders, Governor Larry Hogan today arrived in Seoul, South Korea, the first stop on an economic development mission to Asia. Governor Hogan will spend the first part of the mission in South Korea, then head to China and wrap up the mission in Japan to boost two-way trade and investment and promote Maryland as a gateway for foreign-owned companies looking to establish U.S. operations.

“This goal of this mission is all about taking our 'Maryland Is Open for Business' message to one of the fastest-growing economic regions of the world and inviting businesses from South Korea, China, and Japan to explore all that Maryland has to offer,” said Governor Hogan. “We also want to connect our Maryland businesses with potential global partners and opportunities that will ultimately enable them to grow their companies and add new jobs.”

Today, Governor Hogan met with South Korea’s Small and Medium Business Administration (SMBA) and took part in the signing of a Memorandum of Cooperation (MOC) that seeks to strengthen small and medium-sized enterprises in both Maryland and South Korea. Started in 1996, the SMBA supports South Korea’s small and medium-sized enterprises with the goals of creating jobs and growing the startup and venture industry, strengthening technological competitiveness, and providing support for business management.

As part of the agreement, Maryland and the SMBA will work together to foster entrepreneurship and startup development and connect South Korean companies with business opportunities in Maryland, particularly in the life sciences industry. The MOC also seeks to establish a working group called the Maryland-SMBA Joint Committee for Business Enterprises Development to strengthen commercial and investment ties between Maryland and South Korea.

SMBA-Maryland MOU.pdf