Support Ranging from Financial and Insurance Assistance to Legal Advisory Services
The Korea Federation of SMEs announced on April 21 that it has signed a memorandum of understanding at the Hanmi Bank headquarters in Los Angeles, United States, together with Hanmi Bank, Herb Cheonha, and the law firm LBBS (Lewis Brisbois Bisgaard & Smith LLP), to support the export, import, and overseas expansion of Korean small and medium-sized enterprises (SMEs).
Park Kihong, Chairman of Herb Cheonha (from left), Kim Kimum, Chairman of the Korea Federation of SMEs, Barney Lee, President of Hanmi Bank, and Scott Lee, Partner Lawyer at LBBS, are posing for a commemorative photo.
Through this memorandum of understanding, the participating organizations have agreed to cooperate in areas such as financial and insurance support, human resources management and legal assistance, and building networks with local businesses and related organizations, all aimed at helping Korean SMEs enter the U.S. market. In addition, they have agreed to collaborate on hosting an 'Investment Attraction Forum' (tentative name) at the SME Leaders Forum, which is scheduled to be held in Jeju Island in September.
Kim Kimum, Chairman of the Korea Federation of SMEs, stated, "As discussions on establishing a 'K-Food Town' near LA are actively underway and local demand for Korean SMEs in the U.S. is increasing, more companies are considering overseas expansion through factory establishment or M&A. However, the biggest obstacles are difficulties in securing financing due to lack of credit and challenges in obtaining information on various regulations and legal matters." "Through cooperation with Hanmi Bank, Herb Cheonha, and LBBS, we will actively support Korean SMEs so they can enter the U.S. market more smoothly and at lower cost."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
