A delegation from the Gyeonggi Province of the Republic of Korea, led by the Director Jong-Suk Kim, visited World Trade Center Utah and the Salt Lake Chamber on Wednesday August 26, 2009.
Gyeonggi Province, a sister province of the State of Utah and is considered a Northeast Asia Investment Basecamp, has a population of 11 million and is run by the very dynamic Governor Moon-Soo Kim. The province has a highly-competitive human resource system, excellent transportation infrastructure and a top-rated investment support system. Korea is considered one of the most “wired” countries in the world with 34.1 million internet users and is highest in the world in broadband subscription. The Gyeonggi Province has 11736 knowledge-based companies, focused in the Semiconductors, Bio Pharmaceuticals, Mechatronics and Fine Chemicals. Promising investment sectors are IT, Automotive, Bio-Technology and Renewable Energy. With its favorable foreign investment environment, Gyeonggi Province is home to operations of well known international companies such as Kimberly Clark, 3M and Siemens. The existing support system for foreign investors includes among others, tax reduction, incentives for the lease of government properties, employment and education/training subsidies.
The delegation included investment specialists from the Investment Promotion Division of the Gyeonggi Provincial Government Yeong-Mo Yang, So-Young Jung, Sei-Hwa Oh, Yong-il Kim. Director Kim and delegation members shared information about the Province and the overall economic development environment and opportunities, as well as the investment climate. Members of the delegation were interested in ways to improve collaboration between the State of Utah and the Gyeonggi Province, particularly in the area of education and incentives for student from Korea to attend universities in Utah.
Both sides agreed to consider exchange drafts of a formal letter of understanding with a possibility of signing of the document during one of their future visits.
The delegation included investment specialists from the Investment Promotion Division of the Gyeonggi Provincial Government Yeong-Mo Yang, So-Young Jung, Sei-Hwa Oh, Yong-il Kim. Director Kim and delegation members shared information about the Province and the overall economic development environment and opportunities, as well as the investment climate. Members of the delegation were interested in ways to improve collaboration between the State of Utah and the Gyeonggi Province, particularly in the area of education and incentives for student from Korea to attend universities in Utah.
Both sides agreed to consider exchange drafts of a formal letter of understanding with a possibility of signing of the document during one of their future visits.
