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Trade Mission to South Korea
June 18-20, 2012

“The upcoming trade mission to South Korea is historic for several reasons, chiefly because it will leverage the recently ratified U.S.-Korea Free Trade Agreement and put Utah companies at the forefront of Asia. Moreover, South Korea is unique in that it specifically demands many products and services that are our state’s strengths, such as cutting-edge medical and information technologies, “ states Brett Heimburger,  Regional Director, Asia for the Governor’s Office of Economic Development (GOED). Together with the World Trade Center Utah, U.S. Commercial Service and other strategic partners, GOED will be leading a delegation of Utah businesses on a trade mission to South Korea, June 18-20, 2012.

The Republic of Korea is among the world’s 20 largest economies. South Korea’s spectacular progress in modernization and economic growth since the Korean War is largely attributed to its willingness to invest a large amount of resources in human capital through education. Due to its dedication to education, Korea has the 6th most educated population in the world. This small nation is also the hardest working nation of all industrialized nations. Its entrepreneurial spirit has created an environment rich for investment; the World Bank ranks the nation 8th in the world for doing business.

South Korea has poised itself to become a wellness destination for all of Asia. It has been growing as a tourist destination of choice for health and vacation because of their world class physicians, modern technology, and compassion at a fraction of the cost in the west. South Korea is home to some of the best hospitals and stand-alone specialty clinics in the world, offering world-class expertise, state-of-the-art facilities, and some of the world’s best spa retreat resorts and tour destinations. Korea is seeking to become a world leader in clinical trials and pharmaceuticals and are welcoming foreign investment and products to fuel their growth. This environment is ideal for Utah companies exporting high-end medical devices and cosmetics. Considered one of our greatest allies, the United States and the Republic of Korea strengthen ties by ratifying a free trade agreement. The agreement removes trade barriers between our two nations giving U.S. companies a competitive advantage over other foreign enterprises in Korea.

While Korea is friendly to foreign companies, South Koreans prefer to do business with people whom they have a personal connection. It is therefore crucial to be introduced by a third-party. The trade mission to South Korea is a great opportunity to find the “right” partner. Through federal and state resources, companies will be provided one-on-one matchmaking meetings with pre-screened distributors, agents, joint-venture partners, based on the pre-specified needs of each company.

Applications are due April 20, 2012 and may be completed online at http://business.utah.gov/international-trade/International/application/trademission/

 

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