Partnership Focuses on Cooperation in the Areas of Business, Research and Development, and Innovation
ANNAPOLIS, MD – The Hogan administration today strengthened the State of Maryland’s business ties with South Korea at a signing of a Memorandum of Understanding (MOU) between the State and Gyeonggi Province, South Korea’s most populous province and the country’s major economic center.
On behalf of Governor Larry Hogan, Lieutenant Governor Boyd Rutherford signed the MOU, along with the governor of Gyeonggi Province, Nam Kyung-pil, at the Maryland State House. The MOU fosters economic and cultural development for both Maryland and Gyeonggi, as the two parties agree to work together to maximize business opportunities; strengthen cooperation in the research and development sector; advance enterprises, including startups; create jobs; and generate new economic opportunities in both regions.
“I had the pleasure of meeting with Governor Nam during our trade mission to Asia, when we discussed our regions’ potential for cooperation and partnership,” said Governor Hogan. “Today’s agreement solidifies this partnership, and is another key step forward in strengthening Maryland’s business and cultural ties with South Korea.”
Gyeonggi Province surrounds Seoul and is a major economic force in South Korea, accounting for approximately one-third of South Korea’s companies, workforce, and manufacturing. Gyeonggi Province is home to some of the world’s top hi-tech firms including Samsung, Hyundai, Kia, SK Hynix, 3M, Siemens, Bosch, and ASE.
This signing comes just two weeks after Secretary of Commerce Mike Gill joined Hwan-eik Cho, president and CEO of the Korea Electric Power Corporation (KEPCO), at the State House to sign a Memorandum of Cooperation (MOC). The MOC is expected to help Maryland entities that are developing energy-related technologies to do business in Korea. The MOC also solidifies the parties’ commitment to information-sharing, building awareness of business opportunities, and participating in cooperative activities related to the energy sector. The MOC signing coincided with South Korean President Park Geun-hye’s visit to Maryland.
Governor Hogan, executives from the Department of Commerce, and local business leaders traveled to Asia in late May as part of a 12-day trade mission to Korea, China, and Japan. The goal of the trade mission was to strengthen economic development ties with the region and foster positive relations between the Hogan administration and key Asian officials and business leaders.