New York City-AmCham-Korean Air Support Minority and Women-Owned Businesses in the U.S.

"Encouraging New York Investment by Korean Companies"

The American Chamber of Commerce in Korea (AMCHAM) signed a tripartite Memorandum of Understanding (MOU) on the 11th (local time) at New York City Hall in New York State, USA, to establish a partnership supporting minority- and women-owned businesses with New York City and Korean Air. James Kim, Chairman and CEO of AMCHAM Korea (right), Cho Won-tae, Chairman of Hanjin Group (left), and Eric Adams, Mayor of New York City, are posing for a commemorative photo. Photo by AMCHAM

[Asia Economy Reporter Choi Seoyoon] The American Chamber of Commerce in Korea (AmCham) has partnered with New York City and Korean Air to support Minority & Women Owned Business Enterprises (M/WBE).

According to AmCham on the 12th, a tripartite Memorandum of Understanding (MOU) was signed the previous day at New York City Hall in New York State, attended by James Kim, Chairman and CEO of AmCham, Cho Won-tae, Chairman of Hanjin Group, and Eric Adams, Mayor of New York City.

Through this MOU, Korean Air will expand cooperation with New York City-certified minority and women-owned businesses and establish an internship program at Korean Air (New York Airport and Seoul) for New York City small business personnel.

AmCham will also support minority and women-owned businesses entering the Korean market, thereby putting into action its mission to expand exchanges between Korea and the United States.

Eric Adams, Mayor of New York City, said, “Now that the economy is gradually recovering, this is the perfect time to invest in New York,” adding, “We expect this agreement to have a tremendous economic ripple effect across all five boroughs.”

James Kim, Chairman and CEO of AmCham, emphasized, “This MOU will be a perfect and symbolic win-win-win scenario of strong collaboration among the three parties,” and added, “One of AmCham’s key missions is to assist Korean small and medium enterprises (SMEs) entering the U.S. market and American SMEs entering the Korean market, with New York being the most ideal starting point.”

He continued, “AmCham will continue to support U.S.-based SMEs entering the Korean market through its ABC (American Business Center) program and encourage Korean companies to invest in New York based on this MOU.”

Chairman Cho Won-tae said, “Korean Air is pleased to partner with New York City and AmCham to provide opportunities for small businesses and minority and women-owned enterprises based in New York,” adding, “Korean Air will use this as an opportunity to expand the window of opportunity in New York, where we have operated flights for over 40 years.”