Pohang City Signs MOU with Pittsburgh Regional Alliance (PRA)

AI, Robotics, and Cybersecurity: Exchange and Cooperation in the Innovation Economy Sector

Interaction with PRA-Affiliated Companies, Anticipating a Bridge for Pohang Companies' Overseas Expansion

Pohang City, PRA, and the Pohang Chamber of Commerce and Industry signed an MOU at the Fairmont Hotel Conference Hall in Pittsburgh, USA, focusing on building networks in the field of innovative economy.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Pohang City has solidified its global economic network by signing a memorandum of understanding (MOU) for economic exchange with the Pittsburgh Regional Alliance (PRA), a public-private joint economic council of Pittsburgh City, USA.

According to the city, on the 11th (local time in the US), Pohang City, PRA, and the Pohang Chamber of Commerce and Industry signed an MOU at the Fairmont Hotel conference hall in Pittsburgh, USA, focusing on building networks in the field of innovative economy and agreed to strengthen cooperation in various economic sectors.

The MOU signing was attended by the Pohang delegation visiting the US, including Mayor Kang-deok Lee, City Council Chairman In-gyu Baek, Chamber of Commerce President Chung-do Moon, and POSTECH President Mu-hwan Kim, as well as Mike Harding, PRA Vice President, and other officials. They agreed to actively cooperate in various fields such as artificial intelligence, robotics, cybersecurity, life sciences, manufacturing, and logistics.

Pittsburgh, Pennsylvania, on the US East Coast, rapidly grew as the center of the American steel industry in the 1900s but entered a path of population decline and decline due to the decline of the steel and heavy industries in the US during the 1970s and 1980s.

However, since the 1990s, through civic solidarity and cooperation, Pittsburgh has achieved a major transformation of its urban economic base and is now established as a central city of the Fourth Industrial Revolution industries such as medical care, robotics, education, finance, and services based on advanced technology. It is expected to create a synergy effect with Pohang City, which is striving to leap forward as a global economic city through new growth industries.

The PRA, which signed the MOU with Pohang City this time, is an integrated public-private economic council covering Allegheny County, which played a key role in Pittsburgh's successful downtown redevelopment in the 1970s, and 10 surrounding counties. It promotes various activities related to economic, trade, and investment, including investment attraction, settlement support, network building, talent development, and education and training to support companies.

Over the past decade, PRA has played a leading role in creating about 140,000 new jobs through investments exceeding approximately 14 trillion won in more than 600 companies related to robotics, autonomous driving, life sciences, healthcare, advanced manufacturing, and cyber security, and has also contributed to achieving university research results worth 17 trillion won.

In particular, in terms of investment in innovative fields, PRA has led investments in more than 300 venture companies worldwide over the past five years, playing a leading role in Pittsburgh entering the top 10 in the US for venture capital investment.

From the left, Baek In-gyu, Chairperson of the City Council, Lee Kang-deok, Mayor, Mike Harding, Vice President of PRA.

Mayor Kang-deok Lee said, “The MOU with PRA, which played a key role in Pittsburgh's economic revival and fostering future industries, is expected to play a significant role in Pohang City, which is dedicated to nurturing new growth industries,” adding, “Pohang companies hoping to enter the US and Canadian markets will have the opportunity to challenge the rapidly changing global market through exchanges with companies affiliated with PRA.”

Mike Harding, PRA Vice President, said, “Pohang City and Pittsburgh not only share common growth backgrounds but also have many similarities, such as focusing on investment in future innovative technology industries like medical and bio industries and autonomous driving, and the birth of numerous startups every year. Through mutual exchanges, we expect to achieve great synergy effects.”