Gwanak-gu Venture Companies Establish Footing for Entry into the U.S. Market

‘Gwanak-gu - Orange County Korean American Chamber of Commerce’ Memorandum of Understanding Signed for Business Cooperation and Exchange

Memorandum of Understanding Signed to Promote Mutual Development through Business Cooperation and Exchange

Establishing a Foundation for Gwanak-gu Venture and Startup Companies to Enter the U.S. Market

Gwanak-gu (Mayor Park Junhee) signed a memorandum of understanding (MOU) for business cooperation and exchange with the Orange County Korean American Chamber of Commerce (KACCOC) at the Oxford Palace Hotel in Los Angeles, USA, on the 12th (local time in the U.S.).

At the MOU signing ceremony, Gwanak-gu Mayor Park Junhee and Orange County Korean American Chamber of Commerce President Noh Sangil, along with officials from both organizations, had a meaningful time discussing future business development plans, including promoting exchanges between economic organizations.

Established in 1978, the Orange County Korean American Chamber of Commerce is a Korean American economic organization that has promoted Korean business and community enhancement within Orange County through networking, education, and cooperation with the local community.

Orange County is a county located in southern California, USA, with a population of 3 million. Major cities include Anaheim, Irvine, and Santa Ana, and the average household income exceeds $64,000, which is higher than the U.S. national average.

Notably, many headquarters of Fortune 500 companies, selected by Fortune, the longest-running business magazine in the U.S., are located here, and a large Korean population resides in the area, offering various advantages for companies based in Gwanak-gu to expand.

According to this MOU, the two organizations plan to promote exchange and cooperation in various areas, including ▲supporting trade activities and market entry of companies based in Gwanak-gu within the U.S., ▲cooperation in business activities toward Korea by member companies of the Orange County Korean American Chamber of Commerce, ▲promoting exchanges between economic organizations in both regions, and ▲sharing information related to trade and business environments.

Additionally, Noh Sangil, who is visiting Korea to prepare for the 21st World Korean Business Convention, visited Gwanak-gu Office on July 19 and discussed exchange plans between economic organizations with the Gwanak-gu Chamber of Commerce president and the Gwanak-gu Small Business Association president, signing a tripartite memorandum of understanding.

President Noh stated, “The Orange County Korean American Chamber of Commerce is actively considering ways to support the home country (Korea). We will actively explore various cooperation methods, such as providing opportunities for Gwanak-gu youth to experience internships at Korean American Chamber of Commerce companies or to participate as volunteers at the World Korean Business Convention.”

Mayor Park Junhee visited the U.S. from July 5 for 7 nights and 9 days to expand overseas exchange cities and benchmark advanced venture and startup policies. Mayor Park met with Cupertino Mayor Hung Wei, San Francisco International Cooperation Officer Mark Chandler, and Fullerton Mayor Fred Jung to exchange opinions on corporate support policies and discuss friendly cooperation plans such as homestay programs.

Mayor Park Junhee said, “In the current situation where the domestic investment market is shrinking due to the triple crisis of domestic economic recession, high interest rates, high prices, and high exchange rates, attracting overseas investment and developing sales channels are crucial for small and medium-sized enterprises to grow into global companies. We will continue to make Gwanak a business-friendly place through various startup support policies.”